In a Series C round of funding, the famous jewellery company Melorra has raised $12 million, approximately Rs. 85 crore. The investment has come from multiple sources such as BlackSoil Capital, VC Lightbox and family offices of – Jeejeebhoy Family, Ravi Sheth of Great Eastern Shipping Company, Rainmaker Ventures, and Burmans of Dabur Family.
Melorra was founded in 2015 and since then it has been meeting the demands for jewellery for more than 1,300 towns in India. Before this round of funding, they had raised $12 million from Lightbox that had raised their funds to $24 million. With the fresh investments that Melorra has received, it purposes on improving their technological abilities, to add more employees to the company and increase their brand visibility.
The company had revealed 400% year-on-year growth for the financial year 2018-19. They are expected to increase this to fivefold in this year. They have set a goal of earning Rs. 400 crore in 2020-21.
CEO of Melorra, Saroja Yeramilli, said that Melorra is the only jewellery brand that is offering more than 5,000 designs, to buyers in India, that have been inspired from latest fashion trends from Paris and Milan. Melorra is trying to bridge the gap by offering fine jewellery to the millennial women that can be worn for any occasion.
Conclusion:
Melorra is quickly capturing the hearts of millions of women that like gold jewellery yet prefer modern designs that would go both for office and home or an outing. With this recent fund received, it would be an exciting wait to see how Melorra expands their business and what new it has to offer to its existing and new customers.
