Jewel Alliance Network is looking to raise Rs 100 crore in two months to expand Gemporia TV network in the country.
Jewel Alliance Network is a joint venture between the UK’s Gemporia and India’s Pink City Jewellers.
“We have invested Rs 30 crore seed fund to set up exclusive jewellery shopping channel Gemporia TV in India, seven months ago. Since then, we have tied up with major DTH players in the country and are now planning to expand that network and also enter into agreements with cable TV networks.
“For this, we are planning to raise Rs 100 crore through either private equity firms or venture capital funds, which fund e-commerce ventures,” Jewel Alliance Network Co-Founder Manuj Goyal told PTI here.
Goyal added that after raising the fund, Gemporia is looking at a turnover of Rs 300 crore within one year.
At present, Gemporia earns about Rs 10-15 lakh with 400-500 shipments per day, he added.
He further said the company would raise the funds by offloading a minority stake.
Television is a much bigger medium than ecommerce today, as Gemporia TV received 10,000 calls in May, he added.
From September 2015 till March 2016, the revenue of the company stood at Rs 13 crore, he said.
In the long term, it is looking at Rs 2,000-3,000 crore sales. The company is also planning shop-in-shops next year.
“Besides Jaipur-based Pink City Jewellers, 40 other vendors supply jewellery to Gemporia. Going forward to cater to the expanding sales, we are also planning to enhance the manufacturing capacity of Pink City Jewellers and increase our vendor base,” he added.
Gemporia started business in the UK and then went to the US.