B2B online jewellery marketplace ‘Sarafa Bazar India’ raises seed funding

NEW DELHI: Sarafa Bazar India, B2B app designed to help jewellers across India network and grow business online, has raised seed funding at the valuation of INR 8 crores from a group of angel investors who are known to be marquee names in the jewellery industry. The funds came in amidst funding winter due to strong business fundamentals and profitability of the business. Most of the investors are also users of the marketplace and their investment in Sarafa Bazar India is a testimony to the value and business jewellers are generating from the app.

In a country where the Jewellery industry is highly unorganized and primarily based on cash, Archit Jain, (founder & CEO) took this challenge to organize and digitize the industry. Himself coming from a legacy of over 80 years in the jewellery industry, this young entrepreneur has achieved the impossible and is bringing much needed change. The seed capital round is executed with multiple Angel Investors who are some of the leading Jewellery Manufacturers and Wholesalers from Mumbai and Meerut.

The fundraising to Sarafa Bazar India comes at a time when the brand is scaling up its operations and is on a rapid expansion spree. The investors are said to have been impressed with the intriguing features and problems it solved for jewellers across India. Sarafa Bazar India app allows the retailers to find the wholesalers and manufacturers and vice-versa across India. In a short span of time, the app has a network of over 35,000+ jewellers and boasts over 40,000+ designs on the app accessible to small retailers for free of cost.

Archit Jain, the Founder and CEO of Sarafa Bazar India, in the light of the recent seed funding round, stated, “We want to deliver more value to users than what they pay for services and yet create value for our shareholders. We are profitable from day 1 and every rupee spent by user and by our team, generates value for user and for the business simultaneously. In the world of higher user acquisition costs and future profitability, it is challenging but our network is a strong moat which helps us stay profitable. Every new round of funding is proof that we are growing. The capital raised will be utilized to build a strong team, expand operations, connect more jewellers and improve the product to deliver more & better services. Not just me but the entire team of Sarafa Bazar India is super excited to gain mentorship from such brilliant investors across the board and inspires us to deliver more value to our users who trust us. We are certain that jointly, we will work towards making Sarafa Bazar India – Jewellers ka favourite marketplace.”

Sarafa Bazar India mobile application is free to download for users and is available on both Google Play Store (For Android Users) and on Apple Store (For IoS Users). With strong focus on connecting with users in vernacular language, the brand is witnessing a huge demand and thus upgrading the platform constantly while understanding the need for technological advancements. The application is user-friendly with easy navigation, well-built interface, latest design and provides a hassle-free consumer experience. This round of fundraise would assist the brand in developing and adding more features to the application alongside helping them in upgrading other segments of the business.

Courtesy: Mint