Mabel to scale up operations following $1.5 million funding round
Mabel has raised $1.5 million in a seed funding round led by Whiteboard Capital, Sauce VC, and Incubate Fund. The jewellery marketplace plans to scale up its operations by developing new products, increasing its employee base, and launching international shipping.
“We aim to build Mabel to be an engaging and seamless shopping platform for the customers and elevate Indian brands to serve a global audience,” said Mabel co-founder Milind Sharma in a press release published on PR Newswire. “With this platform, we desire to disrupt the online jewellery shopping experience through brand and product discovery. We will enhance the customer experience by leveraging virtual try-on and AR, bridging the gap between offline and online buying experiences. We are delighted to have the backing and confidence of our investors to help us achieve our vision. While we are currently live in India, we are focusing on going live across the globe shortly.”
Anubhav Barsaiyan, Aashish Garg, and Milind Sharma launched Mabel in June 2022. The online jewellery marketplace currently retails over 50 brands and over 10,000 jewellery designs. The e-commerce store features both traditional and contemporary style jewellery and caters to a range of price points.
“We view jewellery as a $100 billion market driven by curation and trust,” said investor Sauce VC’s founder and managing partner Manu Chandra. “India is home to tens of thousands of exceptional boutique and scaled brands. The same consumer shops from different formats for different use cases like weddings and festive, office wear, or casual wear. We believe Mabel can be a one-stop online platform for jewellery that uses technology to offer consumers a wide range of intelligent recommendations and trust.”
Mabel aims to enable offline jewellery brands to begin retailing online to grow their customer base, first in India then globally. The business is currently shipping to all of India and plans to launch international shipping in the coming months.
Copyright © 2023 FashionNetwork.com All rights reserved.