Priyaasi: A startup that promises to hold your back in every occasion, when it comes to jewellery

Priyaasi is a bootstrapped directly to consumer (D2C) startup, which faced challenges to hit revenue of Rs 35 crore in FY21, in a male dominant jewellery industry founded by Priyanka Khandelwal. She worked as a Computer Engineer for a major financial corporation. Later on, being a third-generation jeweller got inspired by her family’s jewellery trade root. She believes a piece of jewellery brings a zeal to every woman’s life of different age and class. She aims to fetch innovation, inclusivity, and empowerment to the evolving Indian Woman by giving them a voice with her modern contemporary designs and timeless quality. 

The Journey

Priyanka resigned from her job at IKSL, after her marriage and first baby. Then her family shifted to the United States in 2012. There she started her own call centre business. However, due to some changes in regulation, she had to shut it down.

While she was expecting her second child, she got to know a little about how e-commerce helps in shopping. She noticed the ease and various types of products available in e-commerce. She learnt about every aspect and feature of e-commerce business comprising different categories, supply chain and inventory management and the major investment segments. 

With her return to India, Priyanka decided to operate her own eCommerce business to start a modern traditional jewellery brand in 2014. She observed the gap between the e-jewellery industry in India. If the product has good quality, it will be overpriced and if the price is low and affordable, the consumers have to compromise with the jewellery quality. She was confident enough to fill this gap and flourish a brand that will provide the right jewellery product, at a fascinating cost to consumers. 

With an investment of Rs 9000, she started her first venture named, Prita in 2015. She was a one-man startup. She took care of every business service like selecting jewellery designs, ordering products and creating catalogues. 

Challenges

“People don’t consider you competent enough because firstly, you are a woman and secondly if you are going alone for business transactions,” Priyanka said. To source jewellery designs and products, she had to often travel a lot from country to country. People used to assume that she is doing this business as a hobby. She shared how she had to market her business alone, just to prove her seriousness in front of vendors. 

Her father accompanied her in cities like Mumbai, where she got the contract of manufacturing units. She was juggling through all this and also fulfilling her responsibility as a mother, wife.

Quantum Leap 

In October 2016, her hard work and perseverance paid off when she boarded the Jabong. Since then, success became her companion as she later collaborated with and with Flipkart in 2018. In those fortunate days, she renamed her fashion jewellery company, Priyaasi. 

As told by Priyanka, the brand has been generating 100 percent revenue year on year, since she started her business. In FY20, the brand generated a revenue of Rs 16.5 crore. In FY20-21, fiscal the figures multiplied to Rs 35 crore. 

“I did not take any salary for four years and put all my profits back into the business.” Priyanka shared. Priyaasi was announced as the “Best Jewellery Brand for the year 2020” by Myntra. “It was a big milestone in achieving my dreams,” said Priyanka. 

While the business was growing, Priyanka shifted her base from Ghaziabad and Gurugram. This decision turned out to be a fruitful one because many people are willing to work in the new location. They have an employee strength of 50 people. Today the market has its footprints over marketplaces such as Amazon, Flipkart, Myntra and Nykaa. 

Future Endeavours

The taste and preference of customers in the fashion industry keep changing every day. So does the trend of jewellery. It’s the biggest challenge of the jewellery industry to stay tuned to trends. The business works on a very thin and price-sensitive margin. 

“We are always trying to do different things, and make sure that Priyaasi can flourish with good quality products at a reasonable price,” Priyanka said. 

She wants to strengthen her business grip in the domestic and international market. For that, she plans to hire some jewellery designers. Its customer group comprises people between 22-40 coming from Tier II and III locations. Currently, it is only providing services in women’s jewellery.

“The artificial jewellery market in India has immense potential for the next five years, to erect a Rs 500 crore brand in the jewellery industry. I desire Priyaasi to be that golden startup. For this, we need to expand our market, jeweller category and segments comprising men as well as children.” Priyanka shared.