Bengaluru-based jewellery marketplace Eternz has raised $1.15 million (around INR 9.6 crore) in a pre-seed funding round led by Kae Capital.
Gemba Capital, IIMA Ventures, TDV Partners, and Venture Lab also participated in the funding round.
The company plans to utilize the funds to expand its presence across urban India. Additionally, it intends to partner with international brands to establish their presence in India. Moreover, it aims to open a retail experience center to offer shoppers a touch-and-feel experience around jewellery.
Founded in 2023 by Arthi Ramalingam, a former marketing lead at Udaan, Eternz operates as an online marketplace catering to both international and Indian jewellery brands. Alongside direct sales of jewellery, the platform offers customers customization and personalization features.
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“The primary focus of our platform is to address the trust and discovery challenges encountered by consumers when buying jewellery online. There’s a significant trust gap in the online market, often leading consumers to hesitate even when they find designs they like,” explained the founder and CEO.
The company’s objective is to establish strategic partnerships with brands, facilitating their wider distribution by linking them with high-intent customers.
At present, Eternz showcases items from renowned brands like GIVA, Angara, Kisna, Touch925, and more. Though presently specializing in fashion and silver jewellery, Eternz has ambitions to broaden its selection to include gold and diamond pieces in the coming days.
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In the digital sphere, the marketplace contends with formidable competitors like BlueStone and Caratlane, alongside numerous other brands and jewellery chains with online presences, such as Tanishq.
In terms of magnitude, Caratlane and BlueStone stand out as the premier online jewellery marketplaces within the startup ecosystem.
Earlier this year, Titan, a company within the Tata Group, finalized the acquisition of Caratlane, valuing the marketplace at over $2 billion. This acquisition, in the works since 2016, marked a significant milestone. CaratLane’s revenue in FY23 was reported at INR 2,177 crore, surpassing Bluestone’s revenue of INR 771 crore in the same fiscal year.
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