Marwari Catalysts-backed startup, Jaipur Watch Company raises their first round of funding
Oct 06, 2022
Jaipur (Rajasthan) [India], October 6 (ANI/BusinessWire India): Jaipur Watch Company, a luxury custom-built watch brand, has raised their first round of funding, with participation from strategic investors, Angel investors and people who can contribute to the journey; Ankur Mishra (Director- Central Academy Jodhpur Education Society), Tushar Kapoor (Director - Kapsons), Dexter Angels and Marwari Catalysts.
The founder of Jaipur Watch Company, Gaurav Mehta was very fond of watches and collected coins as a hobby, since his childhood. Combining both these interests, Gaurav started the Jaipur Watch Company in 2013. Headquartered in Jaipur, the luxury watch brand combines luxury and tradition in manufacturing watches using craftsmanship from coins collected from the British era.
The startup would utilise the funds to extend its digital platform and expand deeper into marketplaces and into new locations internationally while enhancing its inventory.
With a strong belief in the 'Make in India' initiative, Jaipur Watch Company is India's first bespoke Watch Company and offers an elegant handcrafted limited-edition selection of timeless pieces that exude tradition with a subtle hint of contemporary design.
Gaurav Mehta, Founder, Jaipur Watch Company says, "The Indian watch industry is an evolving industry and has a market size of Rs 10,000 crore. Watch lovers today, in fact, are moving beyond the big brands, choosing instead to spend their money on customised timepieces sporting monograms, emblems, flags, coins, etc. And it's this niche clientele that the Jaipur Watch Company is targeting with its unique offerings."
Further speaking on the funding, Gaurav adds, "The fresh capital will multiply the startup's efforts to massively increase our reach and bring our capabilities to more markets and geographies. Also, being accelerated by Marwari Catalysts and supported by Dexter Angel's, Jaipur Watch Company will definitely set new benchmarks in the luxury watch industry across the globe."
As a first-generation entrepreneur, Gaurav had to face several challenges. The first was to fulfill working capital needs since this industry is highly capital-intensive. The second challenge was to create a strong network within the industry by getting the right people for the right job. The third was to enter the luxury watch segment which was not a very big idea in India.
But today, he is proud of his decision and the numbers speak for themselves.
On his investment into Jaipur Watch Company, Ankur Mishra, Director- Central Academy Jodhpur Education Society says, "Gaurav Mehta has blended luxury and handcrafted limited edition coin watches beautifully into the company called Jaipur Watch Company. I am excited to lead the fund round for them, and be partnering with him on this journey. I look forward to this platform being a progressive and highly relevant leader in the Indian and global luxury landscape soon."
Accelerated by Marwari Catalysts, Jaipur Watch Company was selected out of 300 startups in the accelerator's last D2C cohort.
Sharing his rationale, Sushil Sharma, Founder and CEO, Marwari Catalysts says, "Jaipur Watch Company was founded out of a genuine passion for coins and watches. And it is poised to advance its global ambitions after this new round of fundraising. It's been such an exciting journey so far, and we're really proud of the amazing community of collectors that have become part of Jaipur Watch Company."
Commenting on the fundraise, Devendra Agarwal (Dexter Angels) says, "Jaipur Watch Company has carved its own path in one of the most traditional industries by bringing forward such a unique concept of a coin watch which has completely redefined Luxury watches. Also Gaurav Mehta brings the leadership calibre and experience to unlock this significant market opportunity."
As a matter of fact, clearly, the company has long moved past the time when the watch's only function was to tell the time. Today, it reflects the wearer's style and personality. And Jaipur Watch Company truly reflects the same.
In terms of future plans, there are plans of opening flagship stores in Jaipur and Delhi soon.
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)
