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.