The Goyaz Story is an inspiring example of how design, affordability, and purpose can reshape traditional markets. Founded in 2023 by Priyanka and Ravi Vemuluri, the brand turned gold-plated silver jewellery into a movement — combining culture with style and accessibility.
The Founders and Their Beginning
In January 2023, Hyderabad-based entrepreneur Priyanka Vemuluri launched Goyaz with one clear goal: create beautiful jewellery that’s premium in feel but affordable in price. Working alongside her co-founder (and partner) Ravi Vemuluri, she stepped into an industry traditionally dominated by gold and legacy brands. The two believed Indian women deserved more design-led, stylish pieces that didn’t require a huge budget.
What Problem They Saw
With gold prices soaring and many buyers in India looking for something elegant but within reach, Priyanka and Ravi spotted a gap: traditional gold jewellery was expensive, many silver pieces looked basic, and design innovation was limited. Goyaz aimed to bridge that gap by offering gold-plated silver jewellery — marrying silver’s affordability with gold’s look and cultural resonance. By doing so, the brand could tap into both metro shoppers and Tier 2/3 towns in Bharat.
Starting Small, Learning Big
Goyaz began with modest resources — a small team, a few designs, and a location in Hyderabad. They faced the usual startup pains: convincing suppliers, building supply chains, designing jewellery collections, and persuading customers to pick a silver alternative when gold is still seen as “safe”. Their early days were filled with late nights, design tweaks, and constant feedback loops from the market.
They also had to build trust: silver-based jewellery still had to feel premium, durable, certified, and culturally meaningful. That meant strict quality checks, good materials, and strong branding.
Early Growth and Store Expansion
Within a short period, Goyaz scaled to 18 stores across multiple states in India.
The brand focused not just on big cities, but on Tier 2 markets too, where consumers were hungry for stylish jewellery at better value. Alongside physical stores, they began building an omnichannel presence so customers could browse online, visit stores, and enjoy services post-purchase.
Market Size and Opportunity
The jewellery market in India is massive. With gold jewellery traditionally commanding much of the spend, any brand that positions itself as a credible alternative has enormous runway. Rising gold prices + changing consumer tastes = big opportunity for brands like Goyaz. By offering design-first silver jewellery with gold-plated finish, they tapped into both cultural participation (festivals, weddings, occasions) and style-driven jewellery purchases.
Funding & Milestones
A major milestone: in October 2025, Goyaz raised Rs 130 crore (≈ US$14.6 million) in a Series A round led by Norwest Venture Partners India.
This was their first institutional investment, which they plan to use to expand retail footprint, strengthen design and manufacturing, and improve online-offline integration.
While earlier the brand was likely bootstrapped, this institutional round marks the scale-up stage for Goyaz.
Competitors & Differentiation
In the jewellery space, Goyaz competes with both large legacy jewellery brands (gold-specialists) and newer challenger brands (silver or D2C jewellery). Their edge:
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A clear niche: gold-plated silver for occasion wear
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Strong retail + omnichannel strategy
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Price point accessible to many Indian households
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Focus on design and cultural authenticity
The key takeaway: they weren’t trying to replicate gold-jewellery brands exactly, but created their own space.
What Entrepreneurs Can Learn
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Spot a gap, don’t just copy: Goyaz found a niche where gold felt out of reach, silver felt low-style, and combined the two.
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Start small, iterate often: The early days were about design, quality, customer feedback, not massive store count.
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Build trust in product + brand: Jewellery is emotional and often expensive — you must deliver on both feel and value.
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Balance tradition + modernity: They stayed true to culture (occasions, festivals, jewellery-buying mindset) while offering modern design and retail experience.
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Scale when the base works: Once the concept was validated (store success, repeat customers), they raised institutional capital and expanded.
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Serve emerging markets: Not just metros — savvy brands will look at Tier 2 and Tier 3 towns for growth and affordability-led shifts.
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Use funding smartly: The Rs 130 crore is for growth: retail footprint, manufacturing, online-offline integration — not just marketing.
The Bigger Picture
Today, Goyaz stands at the forefront of an alternative jewellery category in India. With backing from a global VC, multiple stores already live, and a product proposition that resonates across India, the brand is poised to be a major player. Their story shows how disruption doesn’t always mean reinventing the wheel — sometimes it means rethinking value, design, and who the customer is.
For you, as a founder building in Bharat, the lesson is clear: identify the underserved, build with clarity, move fast, and scale smart. Goyaz did it for jewellery — but the playbook applies across sectors.
When you combine strong insight (value + culture), execution (retail + omnichannel), and timing (rising costs + changing consumers), you can create something great. And when you raise the right capital at the right time, you accelerate to the next level.
From a vision in 2023 to an Rs 130-crore raise in 2025, Goyaz’s journey is a powerful reminder: big brands don’t only come from decades of legacy — they can come from bold ideas, smart execution, and the desire to democratize premium. If you’re building your platform (like your work with KaroStartup), keep pushing the edges of possibility. The next category-defining brand might just come from your idea.
For more inspiring updates on Indian startups and funding stories, visit our Success Stories