Mabel raises $1.5 million in Seed funding for India’s first jewelry shopping platform
For centuries, gold has been a status symbol in India even before the arrival of the British. Indian kings and queens were adorned in gold and other jewelry. Spanning a legacy of at least 5,000 years, jewelry is a striking expression of the Indian aesthetic and cultural history. For major occasions like weddings, it’s customary for Indian men and women to wear expensive emeralds, diamonds, sapphires, and pearls set in gold. Now, one startup is on a mission to revolutionize this centuries-old industry.
Enter Mabel, India’s first one-stop jewelry online marketplace that offers multiple hand-selected brands covering all jewelry designs and different metal types for all occasions.
Today, the Mumba, India-based Mabel announced it has raised $1.5 Million in Seed funding to build out its product and scale its teams across all domains. The round was led by Whiteboard Capital, Sauce VC, and Incubate Fund. Since its launch in June, the Mabel platform is already live and shipping across India and aims to launch worldwide shipping in the coming months.
Founded in June 2022 by Anubhav Barsaiyan, Aashish Garg, and Milind Sharma, Mabel’s focus is on customers looking for top brands and designer labels. Its curated marketplace currently has over 50 brands and more than 10,000 designs. Mabel offers endless options across traditional and contemporary styles and all material types, from fine to fashion. The platform has exclusive designs for several occasions and covers styles for different budgets. It also aims to enable traditional offline brands to be discovered digitally, eventually increasing sales.
Commenting on the funding Co-founder Milind Sharma said, “We aim to build Mabel to be an engaging and seamless shopping platform for the customers and elevate Indian brands to serve a global audience. With this platform, we desire to disrupt the online jewelry shopping experience through brand and product discovery. We will enhance the customer experience by leveraging virtual try-on & AR, bridging the gap between offline and online buying experiences. We are delighted to have the backing and confidence of our investors to help us achieve our vision. While we are currently live in India, we are focusing on going live across the globe shortly.”
Manu Chandra, Founder & Managing Partner at Sauce VC, said, “We view jewelry as a $100 billion market driven by curation and trust. India is home to tens of thousands of exceptional boutique and scaled brands. The same consumer shops from different formats for different use cases like weddings and festive, office wear, or casual wear. We believe Mabel can be a one-stop online platform for jewelry that uses technology to offer consumers a wide range of intelligent recommendations and trust.”
Just five months after launch, Mabel is now shipping to 20K+ pin codes in India. It offers genuine products, easy exchanges & returns, free and insured doorstep delivery, 24×7 customer support, jewelry tracking, ease of paying cash on delivery, and a hassle-free shopping experience.