Direct-to-consumer fashion jewelry brand Salty has secured Rs 5 crore in a funding round led by All in Capital and Anicut Capital. Other participants include strategic investors Suashish Diamonds, and JK Group, along with various angel investors.
Founded in 2022 by Sonaal Goel, Twishaa Gupta, and Kanishka Garg, the company focuses on catering to the younger generation.
The fresh funds will be used to expand the workforce and launch a new product range, it said.
“We aim to achieve Rs 40 crore annual revenue run rate in 2024 and expand our design range to include over 3,000 products,” said Garg.
The company has achieved the status of one of India's fastest-growing accessories brands, having fulfilled over one lakh orders, as reported by The Economic Times.
The raised capital will be utilised for various initiatives, including recruitment for essential positions, broadening channels, and enhancing the brand's digital footprint through the launch of a mobile app.
“We are excited to back Salty's vision of bringing high-quality and affordable accessories to Indian consumers. Salty has shown exceptional efficiency in its one-year journey. We believe that Salty has the potential to become a key player in the e-commerce and jewellery space," said Ajay Anand, partner, at Anicut Capital.
About half of the annual gold sales are generated by Indian weddings. In the online jewellery space, there are brands including Bluestone, Melorra, CaratLane, and Voylla, that also cater to everyday wear.
Approximately 50 per cent of the yearly gold sales in India are attributed to weddings. In the online jewelry sector, brands like Bluestone, Melorra, CaratLane, and Voylla cater to both special occasions and everyday wear.
India stands as the world's second-largest jewelry market, valued at around $40 billion annually, with Tanishq being the largest player but controlling less than 7 per cent of the organized market. Unlike many traditional jewelry brands that predominantly focus on weddings, direct-to-consumer (D2C) players aim to promote their products on various occasions, including festive seasons.
