Direct-to-consumer (D2C) silver jewellery brand Unniyarcha has raised Rs 10 crore led by Sauce VC, with participation from Consumer Collective Atrium.
The startup plans to use the funding for branding and marketing, expanding its manufacturing and supply chain capacity, and adding new product categories, cofounder Pulkit Bhat told ET.
“Building an in-house manufacturing base has been core to how we have scaled without compromising on craftsmanship or margins. With this round, we are doubling down on that foundation while expanding into new categories and channels,” he said.
The Gurugram-based startup was founded by Bhat and Divya Nambiar in 2021. It manufactures and designs traditional and modern silver jewellery in-house. The startup has a network of 70 artisans working with it.
“Unniyarcha is a way of bringing a powerful cultural story into the lives of modern consumers through pieces that feel meaningful, wearable, and personal,” said Nambiar. “We started Unniyarcha with a simple belief that beautifully crafted silver jewellery should not be reserved for special occasions or heavy budgets.”
Its products including necklaces, earrings, bangles, pendants, men’s jewellery, and bangles are typically priced between Rs 1,000-3,000. About 50% of the sales come from its own D2C website and 45% from quick commerce. The rest takes place on ecommerce marketplaces.
Commenting on the funding, Yash Dholakia, partner at Sauce, said, “India’s silver jewellery market is already a $3-4 billion opportunity and still largely unbranded. As gold prices push higher, daily wear jewellery is moving towards lower purity in gold and increasingly, silver. Unniyarcha’s in-house design and manufacturing means they control the product, quality, and margins in a market where almost everyone else is a reseller.”
In the silver jewellery industry, Unniyarcha faces competition from large brands like Mia by Tanishq, Tata’s Caratlane, and D2C brands like Epiq Capital-backed Giva, Xponentia Capital-funded Palmonas, and multiple new-age jewellery brands on Instagram.
