Indian jewellery startup Melorra raises $12m led by Lightbox Ventures

Photo: Mint

Online jewellery brand Melorra said on Wednesday that it has raised $12 million in a Series C round led by existing investor, venture capital firm Lightbox Ventures.

It also raised $2 million in debt from BlackSoil Capital, which provides debt to startups and other firms. Other investors include the Dabur-owned Burman family office and the Jeejeebhoy family office

Melorra currently sells necklaces, bracelets, rings and other jewellery items on its website, from where it claims it has delivered to 1300 towns across the country. It is catering to the affordable and dailywear segment of jewellery, with an average transaction value of 20,000, founder and CEO Saroja Yeramilli, told Mint in a phone interview.

“We see design as our core differentiator. The designs you find on Melorra, you can’t find them anywhere else. Further, in a low margin sector, we are able to maintain high margins because of a differentiated product,” she added.

The jewellery startup segment, both online and offline has seen rising investor interest, driven by younger users who want more affordable, better designed and innovative products with rapidly changing trends.

Caratlane, which counted firms such as Tiger Global Management as investors, was acquired by Tata Group-owned Titan in 2016. Titan invested a further 100 crore in the venture in April this year to hike its stake.

Similarly, jewellery retailer BlueStone, backed by firms such as Accel Partners, Saama Capital and IvyCap Ventures, is currently looking to raise $25 million to expand its offline presence, Mint reported on February 12

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.