Luxury watch retailer 'Art of Time' bags INR 175 Cr In New Funding The company plans to invest the fund on expanding its retail presence, boost online sales, and expand the team size.
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Luxury watch retailer Art of Time has secured INR 175 crore in a new funding round from Plutus Wealth Management and industry veterans, including Freshworks founder Girish Mathrubootham, CaratLane founder Mithun Sacheti, and Jaipur Gems CEO Siddhartha Sacheti.
The company plans to utilize the funds to expand its retail presence and launch new product categories. It also plans to expand its team size and invest in technology and inventory.
Founded in 2015 by Bharat Kapoor and Gaurav Bhatia, Art of Time has signed up 20 global luxury brands such as Cartier and Montblanc, among others. It has set up 14 boutiques across metro cities, including Mumbai, Bengaluru, and Chennai.
As part of its expansion plan, it aims to open three new stores. This includes a multi-brand setup in Noida and a mono-brand setup in Ahmedabad. It is also aiming to bridge the gap between affordable and luxury segments through Circa. The new concept is aimed at consumers earning between INR 50,000 and INR 4 lakh per month.
That said, the company has raised INR 200 crore, including the latest raise, from different funding rounds. Art of Time competes with a number of international and local brands such as Just In Time and Kapoor Watch Company operating in the luxury watch space.
