Goldsetu, a Bengaluru, India-based software-as-a-service platform for jewelry retailers, raised an additional $1.1 million in seed funding, bringing its total seed round to $2.3 million.

The round was led by 2am VC, Broom Ventures, and Magic Fund, with participation from individual investors including Razorpay’s Harshil Mathur, Mamaearth’s Varun Alagh, Akshay Saxena, and Zephyr Peacock’s Pankaj Raina.

Goldsetu will use the new funds to expand its technology platform, expand B2B product offerings, and launch supply chain financing. It also will help it to strengthen its B2B portfolio and expand its jewelry market penetration.

Close on the heels of its additional seed capital raise, the Bengaluru-based startup has also announced to acquire of B2B jewelry e-commerce firm BuymyJewel for an undisclosed amount, marking its first foray into the B2B segment. 

“We have access to over 5,000 jewellery outlets and an inventory of over 10,000 unique designs. We are growing 30-40% month-on-month and targeting to hit an annualized revenue run rate (ARR) of $10 million in this financial year” said Vikas Verma, co-founder & CEO of Goldsetu. 

Following its additional seed capital raise, the Bengaluru-based startup has announced the acquisition of business-to-business (B2B) jewelry e-commerce firm BuymyJewel for an undisclosed sum, marking its first foray into the B2B segment.

Company: Gold Setu Private Limited

Raised: $1.1M

Round: Seed Round 

Funding Month: October 2022

Lead Investors: 2am VC, Broom Ventures, and Magic Fund

Additional Investors: Razorpay’s Harshil Mathur, Mamaearth’s Varun Alagh, Akshay Saxena, and Zephyr Peacock’s Pankaj Raina

Company Website: https://www.goldsetu.co/

Software Category: Sales and Purchase management for jewelry stores

About the Company: Founded by Vikas Verma and Anuj Sachdev, Gold Setu is a SaaS platform for jewelry retailers that helps them automate their workflows, create a digital storefront, digitally engage with customers, and offer more products and services to their customers. It also helps them digitally manage their store through easy-to-use smart dashboards, product and customer analytics, priority lists, and CRM tools. Gold Setu's goal is to help unorganized jewelry retailers grow their business and compete with the organized players by delivering trust, transparency, and a better value proposition to their customers.

Source: https://www.vccircle.com/saasstartup-goldsetu-closes-seed-round-makes-maiden-bet-in-b2b-jewellery-space