Luxury streetwear jewelry brand Drip Project announced on Friday that it had secured an undisclosed sum of funding in a round led by Blume Ventures’ Blume Founders Fund.
Other investors, including Ankita Vasista, a partner at StrongerHer Venture, and Priti Sawant, the founder and CEO of Joules 2 Watt, also took part in the round.
According to a statement, the Mumbai-based startup plans to utilize the funding to increase its product range from 500 to over 1,000 products, bolster its inventory, and drive further growth.
The parent company of the men’s jewelry brand Metaman had previously secured a $1 million funding round from various investors. These investors included Nikhil Kamath, co-founder of Zerodha, actor Suniel Shetty, cricketers KL Rahul and Robin Uthappa, Shradha Sharma, founder and CEO of YourStory, Prashanth Prakash, partner at Accel, Harshil Mathur and Shashank Kumar, founders of Razorpay, Sujeet Kumar, co-founder of Udaan, and Ashish Hemrajani, co-founder and CEO of BookMyShow.
“With the support of such distinguished names, we aim to evolve in the luxury streetwear jewellery industry of India,” co-founders Harsh Maskara and Anil Shetty said in a joint statement.
Maskara and Rohit Golia established the Drip Project in 2021. In the subsequent year, Anil Shetty’s Metaman acquired it for $1 million, resulting in Golia’s departure from the company.
Drip Project’s product range encompasses bracelets, chains, pendants, rings, and earrings.
Blume Founders Fund, an initiative by Blume Ventures, specializes in investing in pre-seed, seed, and pre-Series-A startups. In December, the venture capital firm successfully closed its fourth India-dedicated fund, amassing a total of $250 million. This fund represents the largest in its history, more than doubling the size of its previous fund.