Melorra, India’s fastest growing fine jewellery brand raises $12 million funding from Lightbox and some of India’s leading family offices
The brand had earlier raised $12 million from Lightbox bringing the total funding to $24 million.
The Series C funding will be used to improve Melorra’s technological capabilities, increase brand visibility and expand its employee base
Bangalore, October 9, 2019: Melorra, India’s fastest growing fine jewellery brand that’s making gold trendy for everyday wear, has raised $12 million funding from VC Lightbox, BlackSoil Capital and family offices of some of India’s biggest business houses. These include Ravi Sheth, Great Eastern Shipping Company; the Burmans of Dabur; Rainmaker Ventures and the Jeejeebhoy family office. DPNC Advisors, the financial advisory arm of Dewan P N Chopra & Co. advised Melorra on raising capital from the Burman Family Office.
Melorra has been a disruptor in the daily-wear gold jewellery market ever since it started operations in 2016 and has created a new concept of trendy and lightweight – fine jewelery. Melorra’s designs reflect the global runway trends of Milan, New York, Paris and London, in sync with the fashion seasons — Spring Summer and Autumn Winter.
The brand’s fashion-forward, no-inventory approach and its use of the latest computer-aided design (CAD) technology make it a leading digital direct to consumer jewellery brand. Melorra aims to encourage women to #UnTradition with the idea that gold jewellery can become a part of their everyday life instead of being stashed away in lockers.
Speaking about the funding, Ms Saroja Yeramilli, Founder and CEO, Melorra, said, “We are very happy to have raised this round of funding from Lightbox and some of India’s leading family offices. We are the only brand offering over 5000 jewellery designs inspired by recent fashion trends from Milan and Paris and bringing them to Indian cities. We are filling a need gap by bringing to the millennial woman fine jewellery that doesn’t get confined to any occasion. I had conviction in the potential of this market when I started out and my belief has been validated by the response from the customers across India. Going forward, our aim is to become the largest daily-wear fine jewellery brand in the country.”
Adding further, Sid Talwar, Partner, Lightbox, said, “As a consumer brand by a woman for women, Melorra has been a changemaker in the segment, bringing about a transformation in the way people look at gold jewellery. 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, Melorra is encouraging more women to experiment with their wardrobe. We are extremely happy to support them in their journey.”
Over the years, Melorra has become a preferred destination to shop for lightweight jewellery. The brand has recorded a year-on-year growth of 400% in FY 2019 and is expected to grow 5X in revenue in FY 2020. Melorra will be a 400 cr revenue company in FY21 and is on the fast-moving track to profitability. Melorra is seeing huge demand and has delivered to 1300 towns in the country and made its mark everywhere – from areas with a population of less than 10,000 to those above 1 million.
Operational from 2016, Melorra is a fashion-forward, lightweight, precious jewellery brand that caters to the jewellery needs of today’s women. Global runway trends make their debut in Melorra’s creations, as the brand’s international fashion watchers spot the styles that will make the cut from runways, like Paris, New York, London and Milan. Inspired by these fashion trends, jewellery designs are created for women’s everyday, modern wardrobe. Melorra was the first to introduce 3D printing to make jewellery moulds in India. Melorra ships to over 26,000 pin codes with cash on delivery option available across the country. The gold jewellery is BIS hallmarked, and diamonds have passed the SGL, IGI and DGLA certification. The designs are created with precision and are available at its portal melorra.com with a 30-day money back guarantee and a lifetime exchange policy.