Fashion jeweller Sukkhi Online has raised $7 million (₹52 crore) in Series A funding from private equity funds Carpediem Capital and Duane Park Capital, in exchange for a minority stake. The company, which sells fashion jewellery under the Sukkhi brand name, will use the proceeds for expansion.
While Duane Park’s Anurag Bhargava has joined the Sukkhi board as Chairman, Carpediem’s Hithendra Ramachandran has come in as a director.
Sukkhi Founder & CEO Bhavesh Navlakha told BusinessLine : “The funds would be used for increasing our offline presence across various formats such as our own stores and shop-in-shops. Further, it would be used to expand our footprint, deepen marketplace presence with existing partners and increase customers on our online platform.”
For the bootstrapped company founded in 2012, this is the first fund-raising, he added.
The company intends to setup 300 stores across cities in the next three years, from the present 7 stores in 4 States. It hopes to increase the online traffic to 2 lakh visitors per day from the present 30,000 in the next “few quarters”.
Hithendra Ramachandran said: “The segment is fragmented and unorganised in India, and over the last three-four years, many companies — including Sukkhi — have been trying to create an organised, branded play in this segment. Sukkhi has a pioneering advantage in driving this shift.”
Sukkhi is also looking at expanding abroad, targeting the Indian diaspora.
The company employs about 1,500 personnel, mostly women from poor economic background.