Joolz.in, an India-based online jewellery marketplace, has received an amount of nearly US$ 500,000 as part of a pre-Series-A funding round, according to reports in the media. The investors in this round include two well known VC firms, Powerhouse Ventures from the US and M&S Partners from Japan, the reports said.

The web-based marketplace was set up last year by Arnaud Lorie and Eli Atlas, who subsequently left the venture. Lorie is part of the family that founded the well-known diamond lab, IGI, it was stated.

Currently, the marketplace has participation of about 35 jewellers, including brands and retailers, some of whom have their own online presence and are also present on other portals.

Lorie told the media that the money would be use to build the team, boost operations and enhance marketing. He was quoted as saying, “Buying jewellery is so closely intertwined with Indian culture that the act of simply selling it online is not going to create any significant impact in the market. We therefore want to be the single biggest facilitator of jewellery commerce, whether online, or more importantly, offline."

Other participants in this round include Ah! Ventures, India’s first full-spectrum (seed, angel & VC) investment network and platform comprising of over 800+ investors; Deepak Kasthwal, the former finance head of Ola; PKX Thomas, former chief technology officer of Cleartrip; and Mahesh Ahuja, director at Brittman.