India Digest: Melorra raises $16m Series D; Fireside backs Smytten

Orori claims to be the first e-commerce platform in Indonesia to deal solely in gems, gold, and jewellery. Photo: Jacek Dylag/unsplash

Jewellery platform Melorra has raised $16 million in its Series D funding round from Axis Growth Avenues AIF-I, SRF Family Office, N+1 and existing investors. Separately, Smytten has raised $12.8 million in funding led by Fireside Ventures and Roots Ventures, it announced Tuesday.

Melorra raises $16m from Axis Growth, others

Direct-to-consumer jewellery brand Melorra has raised $16 million in its Series D funding round from Axis Growth Avenues AIF-I, SRF Family Office, N+1 and existing investors.

The funds will be used for brand marketing activities and rolling out more offline experience centres across the country, the startup said in a statement Tuesday.

Melorra saw its valuation double within just six months since its last funding round in October 2021 when it raised $24 million from 9Unicorns, Symphony International Holdings Limited, Value Quest, Venture Catalysts and Param Capital, the statement added.

Launched in 2016, Melorra has been growing at a 200% CAGR over the last few years. It recorded a revenue of over Rs360 crore in FY 22. The startup claims to be delivering hallmarked gold jewellery to 718 districts in India and more than 2800 towns.

Fireside Ventures co-leads $12.8m funding in Smytten

Tech-enabled product discovery and trial platform Smytten has raised $12.8 million (Rs 100 crore) in its pre-Series B funding round led by Fireside Ventures and Roots Ventures, it announced Tuesday.

The round also saw the participation of Sharrp Ventures (Harsh Mariwala family office), Waao Partners (Pratul Shroff family office), Survam Partners (Munjal family office) and Sattva Group family office.

The new investment will be used for building tech and data solutions with advanced applications of AI & ML to optimise the marketing funnel for D2C brands. The platform will also invest in creating servicing infrastructure across the country, to widen the product trial touchpoints, and strengthen the online service delivery.

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