Occasion-led gold-plated silver jewelry brand Goyaz raises Rs 130 crore from Norwest

Hyderabad-based jewellery brand Goyaz has raised Rs 130 crore ($14.6 million) in a Series A funding round led by Norwest Venture Partners, marking the company’s first institutional investment.

The firm will use the raised capital to expand its retail footprint in key Indian cities, strengthen its design and manufacturing capabilities, and further enhance its omnichannel presence.

Founded in January 2023 by Priyanka Vemuluri, Goyaz specialises in gold-plated silver jewellery, offering both bridal and contemporary designs that merge traditional craftsmanship with modern aesthetics.

The brand positions itself as an affordable and elegant alternative to conventional gold jewellery, a category that has become increasingly out of reach for many consumers amid rising gold prices. Since launch, the brand has expanded rapidly to 18 stores across multiple states.

"We are delighted to welcome Norwest as our inaugural institutional investor. Their partnership empowers us to broaden the reach of our meticulously crafted occasion jewelry. Leveraging Norwest's strategic expertise, we will accelerate growth, diversify our portfolio, and deepen our presence across key markets. We remain steadfast in our commitment to exceptional craftsmanship and innovation, establishing Goyaz as a distinguished leader in the alternative jewelry sector," said Priyanka Vemuluri, Founder and CEO of Goyaz.

"With gold prices soaring, traditional jewelry has become out of reach for many consumers. Women today want variety, design innovation, and authenticity — all at accessible prices. Goyaz captures this shift beautifully, pioneering a new category of gold-plated silver jewelry that blends cultural heritage with contemporary design. The founders have built a profitable, bootstrapped business growing over 100% YoY— a testament to their sharp execution and strong fundamentals," said Niren Shah, Managing Director and Head of Norwest India.

Ankit Prasad, Principal at Norwest India, added that founders Priyanka and Ravi Vemuluri have built “a profitable, tech-enabled business with strong unit economics and a clear customer focus.”

PwC served as the exclusive financial advisor, while JSA acted as legal counsel to Goyaz and its shareholders.