Goyaz raises Rs 130 cr from Norwest to expand gold-plated jewellery retail presence

New Delhi: Gold-plated silver jewellery brand Goyaz said on Friday it has raised Rs 130 crore in a Series A funding round led by US-based venture capital firm Norwest Venture Partners to expand its retail network across India.

In a statement, the company said the funds will be utilised to scale its store footprint in key cities, strengthen design and manufacturing capabilities, and enhance its omnichannel experience as it targets metro and tier-II markets.

Founded in January 2023, Hyderabad-based Goyaz currently operates 18 stores across several Indian states, offering gold-plated silver jewellery positioned as a premium yet affordable alternative to traditional gold ornaments.

"We are delighted to welcome Norwest as our inaugural institutional investor," its founder and Chief Executive Officer Priyanka Vemuluri said. "Their partnership will help us accelerate growth, diversify our collections and widen our retail reach."

Niren Shah, Managing Director and Head of Norwest India, said the investment reflects shifting consumer preferences amid rising gold prices.

"Goyaz captures the growing demand for culturally rooted yet affordable jewellery," he said.

The company is building a profitable, tech-enabled business with strong unit economics and a clear customer focus, Ankit Prasad, principal at Norwest India, said.