GetPlus is one of the jewellery start-ups; with its jewellery-saving application on Google Play. The country known for the second-largest consumption of gold is India. About 300 million people are estimated to buy gold and other jeweller items in India. The sales generated in this business are from the investment schemes offered by the jewellers and account for around 20%. The jewellery businesses are an offline market and are not yet digitalized.
The Founding Story
There are various challenges to the jewellery business ranging from the aggregation problem, hidden and vulnerable making charges costing around 15 to 30% which makes the investment sway in the market. This led to the discovery of the jewellery startup ‘Plus’ founded by Raj Parekh and Veer Mishra in the year 2022. This startup helps its consumers save and see a collection of jewellery pieces on a single application. They offer systematic investment plans on jewellery items by saving a minimum amount of 1000 or maybe a lump amount in one single purchase. You get a 10% internal rate of return with some added benefits of liquidity savings which can be withdrawn within a time frame of T+2 days. The jewellery startup is known for its slogan of ‘Bharat ka jewellery savings app’.
Funding Snapshot
The Plus jewellery savings app has raised a whooping amount of $350k in its first round of seed funding accelerated by the Evolve X which is a part of We Founder Circle. The other investors participating in the event are Sunil Singhvi, JITO, Vineet Saxena, Abhay Tandon, Abhishek Gupta, Sachin Shetty, Vijay Rajagopal, Shiva Mohandas, and more.
Present and Future
The jewellery startup is based in Bangalore and has successfully partnered with 270 jewellers. With the jewellery pieces, there are jewellers available across the country with a click on the Plus app. Not just the jewelry designs, but there are gold bars and coins at competitive prices to be purchased. This jewellery-saving app has a good client base with some great reviews by its customers. There are festive offers around the season.
This jewellery startup has projected revenue of around $10 million as per the Assets under Management (AUM). It is in collaboration with the Tier 1 jewellers in India. The jewellery-saving app Plus comprises a team of experienced entrepreneurs, engineers, marketers, and professionals who are focused on building and scaling business ventures to heights. It is one of the great platforms that have transparency, simplicity, and safety potential for its entire customer base, making it convenient and affordable for Indian women.
Wrap Up
With an idea to offer financial freedom to the Indian Homemakers, this Jwellery Saving App has rung the right bells with the Indian Women. Indians are known to be indulgent when it comes to gold and precious metals, what could have been more apt than to allow them a saving scheme that not only allows to save for their jwellery but also promises the quality and authenticity through various verification of the partner jwellers. Its time to get started with your jwellery shopping with Plus!
