[Funding alert] Jewellery brand Melorra raises $12M from Lightbox, BlackSoil Capital, others
Melorra, a Bengaluru-based jewellery brand, raised $12 million funding from VC Lightbox, BlackSoil Capital and family offices of some of India’s biggest business houses.
These include Ravi Sheth's Great Eastern Shipping Company, the Burmans of Dabur, Rainmaker Ventures, and the Jeejeebhoy family office.
Saroja Yeramilli, Founder and CEO of Melorra, said,
“We are very happy to have raised this round of funding from Lightbox and some of India’s leading family offices."
Ms Saroja Yeramilli, Founder and CEO, Melorra
She added, "Going forward, our aim is to become the largest daily-wear fine jewellery brand in the country."
Founded in 2016, Melorra has a no-inventory approach. The founder claims that its use of the latest computer-aided design (CAD) technology makes it a leading digital direct to consumer jewellery brand.
The brand claims to have recorded a year-on-year growth of 400 percent in FY 2019 and is expected to grow 5X in revenue in FY 2020.
The startup aims to be a Rs 400 crore revenue company in FY21 and is on the fast-moving track to profitability. Mellora also said that it has delivered to 1,300 towns across the country. The startup has made its mark everywhere - from areas with a population of less than 10,000 to those above one million.
Sid Talwar, Partner, Lightbox, said,
“As a consumer brand by a woman for women, Melorra has been a changemaker in the segment, bringing about a transformation in the way people look at gold jewellery. We are sure the funding will enable them to enhance their capabilities and grow deeper in the markets that they service.”
Before this round, Lightbox Ventures had infused $5 million in Melorra in 2016.
Earlier in August, online jewellery marketplace JewelMaze raised a funding of $4 million from Brand Capital, the strategic investment arm of Bennett Coleman and Co. Ltd.
(Edited by Saheli Sen Gupta)