Direct-to-consumer jewellery brand Melorra has raised $24 million, as part of a fresh funding round, from 9Unicorns, Symphony International Holdings Limited, Value Quest, Venture Catalysts, Param Capital and family offices, the company said on Wednesday
The funds raised will be used to upgrade the company’s technology stack, ramp up brand marketing, and expand Melorra’s experience centres across India.
The five-year old startup is a jewellery brand, designing and retailing affordable and hallmarked jewellery for every-day wear.
“Disruption has been one of Melorra’s foremost attributes ever since inception. As a digital-first jewellery player, we have adopted a multi-channel strategy to ensure Melorra is where its customers are. In this light, this funding comes as an affirmation that we continue to lead in the right path. We will be focusing on enhancing our operations and marketing and expansion of our experience centre footprint across the country,” said Saroja Yeramilli, founder and chief executive officer (CEO), Melorra.
The brand has delivered to over 2,700 towns in India so far and clocked 200% year-on-year growth, Melorra said in a statement.
“Gold jewellery brands are aplenty in India. While traditionally, gold jewellery conjures up images of something heavy and occasion worthy only, Melorra has broken that barrier and how! By ensuring that gold becomes fashionable for every woman at every stage in her life, the brand has charted a growth path unlike any other in the segment. We are happy to enable the brand to take the next steps in their journey of consistent growth,” said Apoorva Ranjan Sharma, co-founder, 9Unicorns.
Melorra aims to touch $1 billion in revenue five years from now.
“As Melorra continues to innovate and transform the fast-fashion jewellery business through its digital capabilities and disruptive business model, Symphony is happy to be a part of the company’s continuing story as it grows to become the Indian jewellery brand of choice,” said Anil Thadani, chairman of Symphony International Holdings Limited’s Investment Manager, Symphony Asia.
This article was first published on livemint.com