Direct to consumer fashion jewellery brand Salty has raised Rs 5.4 crore in funding in a seed round led by All in Capital and Anicut Capital. Other strategic investors participating in the round are Suashish Diamonds, JK Group, among other angel investors.
Founded in 2022 by Sonaal Goel, Twishaa Gupta, and Kanishka Garg, Salty targets the younger generation and funds will be used to expand workforce and launch a new product range, it said.
“The funding is not a mere financial milestone but a testament to the hard work of our team and the unwavering support of our community. We aim to achieve Rs 40 crore annual revenue run rate in 2024 and expand our design range to include over 3000 products,” said Garg.
The company said it has become one of India’s fastest-growing accessories brands, fulfilling over one lakh orders. Raised capital will be deployed in initiatives including recruiting for critical positions, expanding channels, and fortifying the brand’s digital presence with the release of an app, hoping these will help them reach 100-crore sales in the next few years.
“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 jewelry space,” said Ajay Anand, Partner, Anicut Capital.
About half of the annual gold sales is generated by Indian weddings. In the online jewellery space, there are brands including Bluestone, Melorra CaratLane and Voylla, that also cater to everyday wear. India is the second largest jewellery market in the world after China with annual sales of about $40 billion. However, the market is highly scattered, with the largest player Tanishq controlling less than 7% of the organised market. Unlike most jewellery brands that thrive on weddings, D2C wants to sell products on other occasions as well including the festive season.
