Oyzterbay chief executive officer Vasant Nangia said this was the first round of funding and the company would require in excess of Rs 20 crore in two years. "The first round amount will sustain us for six to nine months and later we will go in for a second round," he said.

ICF Ventures managing director (MD) Norman Prouty said investing in Oyzterbay was an significant decision for the company. However, he said there was a tremendous potential in the venture and in branded jewellery segment.

ICF Ventures co-MD Vijay Angadi said, Oyzterbay would be an ideal business association that compliments the retail aspect with a web-based venture. "The future lies in strong brands with marketing muscles, utilising the Internet sphere as a resource rather than the end itself," he said.According to Nangia, the funds would be used to set up stores across the country. The funds would also be used to manage stock holding, brand building and in setting up infrastructure. Currently, Oyzterbay is in the process of designing its product portfolio which was expected to be ready within a month, Nangia said.

To start with the company would have 15 (a mix of own and franchise based) stores across the country. The company's first signature outlet was expected to be ready by December, Nangia said.

Oyzterbay plans logo, brand identity
Oyzterbay will unveil its corporate logo and brand identity within a month.

Nangia said the logo and brand identity were currently being designed by National Institute of Design's design & graphics consultant Ram Sinan.