Art of Time Raises Rs 175 Crore for Luxury Watch Expansion
Art of Time, a luxury watch retailer, has secured Rs 175 crore in its latest funding round, led by existing investors. The startup, founded in 2015 by Gaurav Bhatia and Bharat Kapoor, plans to use the funds for expansion and new product categories.
The company aims to double its online sales from 15% to 30% in the next two years. It also plans to add three new stores this fiscal year, including its first in Hyderabad. Art of Time partners with nearly 20 luxury brands, such as Cartier and Montblanc, and offers a multi-brand concept, Circa, targeting the bridge-to-luxury segment with watches priced Rs 50,000 to Rs 4 lakh.
The funding round consisted of 70% primary capital and 30% secondary share sale. With this round, Art of Time's total capital raised since inception has reached Rs 200 crore. The company's expansion plans come as India's luxury watch market is projected to reach $2.8 billion by 2033.
Art of Time's latest funding will support its retail expansion, new product categories, and technology investment. The company's growth plans align with the projected growth of India's luxury watch market, indicating a promising future for the startup in the luxury watch segment.
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