India: Jewellery brand Melorra raises $12.5m from Symphony Asia, others

Photo by Anne Edgar on Unsplash

Online jewellery brand Melorra announced on Wednesday that it has raised $12.5 million in funding from private equity firm Symphony Asia, Lightbox Ventures, and Alteria Capital.

The financing also saw participation from existing and new family offices of Burman, Jeejeebhoy and others, the Bengaluru-based startup said in a statement. The funds will be used for technological innovations, product innovations, and brand marketing, it added.

“Melorra is operating at positive unit economics and rapidly regaining its pre-COVID level revenues. This can be attributed to the fact that we are a leader in the daily wear lightweight, trendy jewellery segment. The added benefit during the pandemic is that we are available online which helps us address the customer concerns around trust and safety. In light of the increased gold prices, we have also come up with innovations in jewellery,” Saroja Yeramilli, founder and CEO, Melorra, said.

“Although raising capital has been tough in the market, funding in this period has re-established the investors’ belief in the business model and team,” Yeramilli added.

The brand claims to have witnessed a 4X increase in both organic and direct traffic compared to last Diwali. According to the company, the average selling price has grown by 40% compared to pre-Covid levels. So far, Melorra has delivered to over 1700 towns in the country.

Melorra had raised $12 million in Series C funding led by Lightbox Ventures in October last year. It had also raised $2 million in debt from BlackSoil Capital, which provides debt to startups and other firms.

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.