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Business Economy


Gujarat based AI-enabled jewellery e-marketplace startup, raises angel fund

Ahmedabad, May 2 (UNI) Gujarat based Artificial Intelligence (AI) startup ‘Plushvie’, which uses technology to create a unique e-marketplace platform for the jewellery segment, on Thursday secured an undisclosed amount of funding from a local high net-worth individual (HNI).
Addressing the media here, Founder and CEO of the company Agam Shah said that the fund would be utilised by the company to capitalise on the traction, expanding the seller network, and scale business development.
The startup aims to host more than 10 million products on the marketplace by 2020 and raise its valuation to 1 billion dollars by 2023.
Banking upon the country’s preference of gold jewellery, the CEO further said that ''not just buying jewellery for investments and special occasions, we also want to help people in celebrating their life’s most important moments by making jewellery gifting as easy as possible''.
'' The trend of buying expensive jewellery online is big and growing by the day. The size of online jewellery business in India is expected to become 15 per cent of the total business of 100 billion dollars by 2025. It has seen a four fold jump from 0.5 per cent in 2017 to two per cent in 2018. Currently, the challenge for online buyers is confusing choices which we are solving through artificial intelligence. We provide unique features like virtual try-on in which one can upload photograph to see how the jewelry would look on wearing. We also get the items tested in standard labs before delivery to buyers'', Mr Shah informed.
The company currently works with several brands including Candere of Kalyan Jewellers, offering over 10,000 products for users to choose from.
The users can also get recommendations on the platform using the AI-backed jewellery advisor, based on preferences of the user.
''Each item that we sell goes through all necessary certifications that any reputed jewellery store would offer to its retail customer'', Mr Shah stated.
'Plushvie has a vision of making jewellery shopping extremely simple for everyone. Our Future Plans include one lakh Jewelry Products and 1000+ jewelry brands listed on Plushvie by end of Dec2019 and 1,00,000+ users by end of Dec 2020,' he further said .
Plushvie is currently being supported by and incubated at Gujarat University Startup and Entrepreneurship Council (GUSEC), and has been supported under the Student Startup and Innovation Policy of the Gujarat government.
UNI RAJ JTS 1855
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