Gemba Capital, IIMA Ventures, TDV Partners, and Venture Lab all took part in the funding round. The company stated that it will use the new funds to extend its presence in urban India. It would also use it to collaborate with multinational brands to develop a footprint in India. Arthi Ramalingam, a former Udaan marketing leader, created Eternz in 2023 as an online platform for international and Indian jewelry manufacturers.
Eternz, a Bengaluru-based jewelry marketplace, has raised $1.15 million (about INR 9.6 crore) in a pre-seed fundraising round headed by Kae Capital.
Gemba Capital and IIMA Ventures, as well as TDV Partners and Venture Lab, participated in the funding round.
The company stated that it will use the new funds to extend its presence in urban India. It will also utilize it to form partnerships with multinational brands looking to create a footprint in India. Aside from that, it plans to create a retail experience center to provide customers a hands-on encounter with jewelry.
Eternz is an online marketplace for Indian and international jewelry products, launched in 2023 by Arthi Ramalingam, a former marketing lead for Udaan. In addition to directly selling jewelry, the site provides users with services like as customization and personalization.
As a platform, we address the trust and discovery issues that consumers encounter when purchasing jewellery online. “There is a massive trust deficit online, and consumers are hesitant to buy even if they like the designs,” the creator and CEO stated.
The company intends to form strategic agreements with brands in order to improve their distribution by linking them with high-intent customers.
It currently provides products from companies such as GIVA, Angara, Kisna, and Touch925, among others. While Eternz presently sells fashion and silver jewelry, it plans to expand its inventory to include gold and diamond jewelry in the near future.
The marketplace faces competition from a variety of brands and jewelry chains, including Tanishq, as well as online retailers BlueStone and Caratlane.
Caratlane and BlueStone are the startup ecosystem’s top online jewellery markets in terms of size.
Titan, a Tata Group subsidiary, purchased Caratlane earlier this year in a deal valued at more than $2 billion, which had been in the works since 2016. CaratLane last reported revenue of INR 2,177 Cr in FY23, far ahead of Bluestone, which reported revenue of INR 771 Cr.
