Voylla
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Type of site
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E-commerce (Online shopping) |
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| Available in | English |
| Headquarters | Jaipur, India |
| Area served | All India |
| Owner | Vishwas Shringi |
| Key people | Vishwas Shringi - CEO Jagrati Shringi - co-founder |
| Industry | Fashion |
| Slogan(s) | Always Beautiful |
| Website | https://www.voylla.com/ |
| Commercial | Yes |
| Launched | April, 2012 |
Voylla Fashions Private Limited, also referred to as just Voylla, is an Indian e-commerce platform headquartered in Jaipur, India. Voylla began as a designer apparel selling portal, and later diversified into a full-fledged e-shop that provides jewelry and accessories from designers under categories such as fashion jewelry, silver jewelry and precious metal accessories, to its customers across India. In 2015, Bollywood actress Kangana Ranaut signed up as a brand ambassador for the brand and and recently in 2017, Voylla engaged Rhea Chakraborty as the ambassador for its brand.
Voylla was founded in 2012 by an ex-Amazonian, Vishwas Shringi, after he quit his job to start his own business. Initially, it was an online portal for designer apparels but over time, the company added fashion jewelry which was received better than apparels. Following this, Voylla officially positioned itself as an online retail destination for fashion jewelry.
Fashion jewelry market in India is highly fragmented and the size of the opportunity is estimated at USD 2.4 billion. The growth rate for fashion jewelry is forecasted to be higher than that of precious jewelry at 22% CAGR in the next three years.
The company raised funds close to US$200,000 in 2012 and 2013 from Snow Leopard Technology Venture and others. That was followed by another round of funding in October 2015 of USD 15 M (INR 98 crores) which was led by private equity firm Peepul Capital.
Voylla uses an Omni-channel retailing model, also called multi-channel retailing, offering the customers multiple platforms to buy its products from. Voylla applied the model into its business strategies and ventured into website ordering, mobile app selling as well as offline store. The company derives an overall business of about 12% from its international e-commerce tie-ups and intent to touch a 20% mark by 2017. Also, the company aims to shift its business model to retail offline selling to generate at least 50% of the revenue from this segment, in addition to the current online channel.
While the multi-channel retailing has worked well for the company thus far, the recent budget proposal involving the imposition of 1% excise duty on branded jewellery has led to concerns and will affect the fashion jewellery market manifolds.
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