With the help of Whiteboard Capital, Sauce VC, and Incubate Fund, Mabel has secured $1.5 million in a seed funding round. The jewellery online store intends to expand its business by creating more products, hiring more people, and starting international shipping.
In a news release posted on PR Newswire, Mabel co-founder Milind Sharma stated, “We aspire to grow Mabel to be an engaging and smooth shopping platform for the customers and elevate Indian brands to reach a worldwide audience.” “With this platform, we want to revolutionise the way consumers shop for jewellery online by introducing new brands and products. By utilising virtual try-on and augmented reality, we will improve the customer experience and close the gap between the physical and online purchasing processes. We are thrilled that our investors believe in us and are willing to support us in realising our goals. While we are currently live in India, our attention is on soon going live everywhere.
Mabel was introduced in June 2022 by Anubhav Barsaiyan, Aashish Garg, and Milind Sharma. Over 50 brands and more than 10,000 jewellery designs are currently available for purchase on the internet jewellery market. The online business sells jewellery in both classic and modern styles and offers a variety of price points.
Manu Chandra, founder and managing partner of investor Sauce VC, stated that “we regard jewellery as a $100 billion sector driven by curation and trust.” Tens of thousands of outstanding boutique and scaled brands can be found in India. The same customer purchases clothing in several formats for occasions including weddings, holidays, work, and casual wear. We think Mabel may be a one-stop online jewellery shop that makes use of technology to provide customers with a variety of knowledgeable advice and trust.
In order to increase their customer base, offline jewellery manufacturers can start selling online through Mabel, first in India and subsequently internationally. Currently, the company only ships within India, but it has ambitions to start exporting internationally in the near future.
