Bengaluru-based jewellery marketplace start-up Mabel has raised $1.5 million in a seed funding round led by Whiteboard Capital, Sauce VC and Incubate Fund.
The company plans to utilise the capital to develop new products and scale up its business across all domains.
Founded in June 2022 by Anubhav Barsaiyan, Aashish Garg and Milind Sharma, Mabel targets consumers seeking top brands and designer labels. It claims to have partnered with more than 50 brands and display over 10,000 designs in India.
Talking about the latest investment, Milind Sharma, the co-founder of Mabel, said, "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."
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Addressing their decision to invest in Mabel, Manu Chandra, founder and managing partner (MP) of Sauce VC, added, “We view jewellery as a $100 billion market driven by curation and trust. India is home to tens of thousands of exceptional boutique and scaled brands. We believe Mabel can be a one-stop online platform for jewellery that uses technology to offer consumers a wide range of intelligent recommendations and trust."
“We are excited by the Mabel team's vision of solving this complicated problem by becoming the destination for high-quality jewellery discovery and curation. We look forward to this journey as they continue to execute and grow profitably." Anshu Prasher, General Partner at Whiteboard Capital, claimed in a statement.
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