Wednesday, 24 February 2016

Budget Expectations from Vishwas Shringi, Founder of Voylla.com


With the launch of ‘Start-Up India, Stand-Up India’ Action plan, the growing e-commerce industry has got positive directions from the Govt. but it expects more clarity on certain aspects. The industry is undergoing a paradigm shift and bringing in a lot of innovation and change. The e-commerce industry is growing at a faster pace with the increasing use of mobile and internet. According to Assocham, the e-commerce sector will be worth USD 38 billion by 2016.

Clarity on FDI & GST Roadmap
“The E-Commerce industry seeks the Budget to give more clarity on FDI policies and GST roadmap. Taxes such as CST, VAT, excise and service taxes among others needs to simplified for smooth functioning of the industry. Maximum job opportunities can be generated in the industry, with relaxation of FDI limit. Clarity in processes & systems and Single Window System will help the sector flourish at faster pace.”says Mr. Vishwas Shringi, Founder of Voylla.com.   

VCs Interest
“Considering that E-Commerce companies also have to take care of Venture Capitalists, who have invested in the venture, it is important that the Govt. ensures implementation of aspects such as funds-of-funds and other measures introduced in the action plan and help entrepreneurial ventures grow. The Govt. should look at increasing the tax holiday period from three years as hardly any start-up become profitable in just three years of inception.”, he added.  

Gems & Jewelry Sector
The Indian jewellery manufacturers and retailers make a significant contribution of 6 to 7 % towards Indian GDP, creating value addition of Rs 100,000 crores and also contribute 14% towards exports.

“The upcoming Budget should provide tax incentives and relief measures for the labor-intensive gems and jewelry sector to give a boost to the jewelry manufacturing sector as well as exports.” he added. The brand is currently exporting to international markets through its online presence on international marketplaces such as Amazon.com, Amazon.uk, Jadopado.com, etc.

The future channel expansion also includes opening of physical stores in international markets covering Gulf, US and European markets. “We believe that Honorable Finance Minister will bring in some effective measures to bring down Gold Imports.” he added.    

The Gems & Jewelry segment is also one of the top employment generating industries, where 90% of manufacturing is by ‘karigars’ and 80% of retailing by ‘independent’ jewelers.   

Govt. Initiatives
This budget should have some favorable reforms for players like Voylla.com, who have been contributing to Govt. initiatives such as ‘Make in India’ & ‘National Skill Development’. “We expect to see a raise in custom duty and a drop in excise duty on imitation jewelry.” he added.

The brand supports ‘Make in India’ initiative and has opened up new avenues of employment for labours engaged in jewelry designing, as the brand has set up its state-of-the-art manufacturing facility in Jaipur, Rajasthan. “While the Gold market might be witnessing a slump but the imitation jewelry market is offering these labor new employment avenues.” he added.  

About Voylla.com
Voylla.com is India’s leading brand in the Fashion Jewellery and Accessories designed exclusively for Men, Women and KidsFounded in 2012, the brand provides exclusive jewellery and accessories from talented designers in India to worldwide customers at attractive prices. The fastest growing fashion jewellery brand provides high quality exquisite designs for every occasion including traditional, modern, gemstone, chunky and fashion.

With more than 10,000 products, 35,000 unique designs, Voylla.com keeps pace with the changing trends &styles and continues to add more than 500 products everyweek. The brand has signed on Kangana Ranaut as its brand ambassador in 2015.

The brand offers fashion jewellery to customers in India and worldwide through its Omni-channel presence. It has offline presence in Bengaluru, Delhi-NCR, Pune and Nagpur and has partnered with more than 30 online marketplaces such as Amazon, Flipkart, Snapdeal, Jabong, Yepme and Voonik. Out of those 30 marketplaces, 25 are in India, while the rest of them are in the US, the UK and Middle East.

The company had raised $15 million (About Rs. 98 crores) in funding from private equity firm, Peepul Capital in October 2015. Previously, the company had raised Rs. 13 crores from Pune-based Snow Leopard Technology Ventures and from angel investors.

Keeping its approach in line with ‘Make in India’ initiative, the brand provides new avenues of employment for labours engaged in jewellery designing. With manufacturing facility set up in Jaipur, Rajasthan, all products are designed in-house by the expert designers and made by the Indian labour.

For more details, please visit the company website www.voylla.com   

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