One of its kind startup, Melorra, a fine jewellery brand, has secured $12 million (approx INR 85 crore) in funding round from Lightbox Ventures, BlackSoil Capital and a clutch of other investors, reported Inc42.
In January 2019, Melorra received a seed funding of $5 million from Lightbox Ventures.
“We are sure the funding will enable them to enhance their capabilities and grow deeper in the markets that they service. By bringing gold jewellery to the mainstream in a never-before manner,” said Siddharth Talwar, Partner of Lightbox.
Melorra was founded by Saroja Yeramilli in 2016. The jewellery brand Melorra has been a part of daily-wear gold jewellery.
The company sells trendy and lightweight jewellery that reflect the global minimalist trends. It uses computer-aided design (CAD) to directly sell to consumers and claims to have delivered 1,300 Indian towns.
“We are filling a need gap by bringing to the millennial woman fine jewellery that doesn’t get confined to any occasion,” Yeramilli added.
Melorra has its own inhouse designers based in India, the US and the UK. The Bengaluru-based startup has two warehouses in Jaipur and Mumbai.
The company Melorra claims to have 5K designs in its catalogue that are inspired by the recent fashion trends from globally fashion runways.
The company has also claimed to have recorded a 400% year-on-year (YoY) growth in financial year 2018-19.
Adding on, Melorra expects to expand its revenue by five-times in the FY2020. “Melorra will be a 400 cr revenue company in FY21 and is on the fast-moving track to profitability,” the company added.