[Funding alert] Melorra raises $16M as part of ongoing Series D round
, a Bengaluru-based jewellery startup, on Tuesday announced the first close of a $16 million Series D round from Axis Growth Avenues AIF-I, SRF Family Office,N+1 and existing investors.
The newly raised funds will be used for strengthening brand marketing activities and rolling out more offline experience centres across the country.
According to the official statement, Melorra's valuation doubled in just six months since its last funding round in October 2021 when it raised $24 million from 9Unicorns, Symphony International Holdings Limited, Value Quest, Venture Catalysts, and Param Capital.
Saroja Yeramili, Founder and CEO, Melorra
So far, the startup has raised $55million in funding prior to current Series D round.
Founded in 2016, the D2C brand claims to be growing at 200 percent CAGR over the last few years, and its revenue in FY 22 stands at over Rs 360 crore.
Melorra delivers hallmarked gold jewellery to 718 districts in India and more than 2,800 towns. The brand claims it is redefining gold jewellery not just as being heavy, traditional for wedding wear but affordable, lightweight, and fashionable for everyday wear.
Talking about Melorra’s growth, Saroja Yeramilli, Founder and CEO, Melorra, said,
“Melorra’s unique proposition lies in how we have been able to transform the way women wear gold, bringing it out of lockers and on to dressing tables with daily wear. Our weekly collections, launched every Friday, are inspired by the latest season Global fashion trends and are unmatched anywhere in the global jewellery industry.
Added to that, a tech enabled, asset light, no inventory, made-to-order manufacturing has been a draw for investors.
Melorra’s online distribution strength has ensured it is India’s largest distributed Jewellery company reaching in a record time over 2,800 cities/towns and the remotest of villages.”
Speaking about company's revenue, Saroja confirmed, "We are very close to $100 million annualised run rate now. For FY23, we are targeting more than $100 million net revenue."
With its recently expanded delivery capabilities to the US, UK, Singapore, and UAE, Melorra is making sure that gold is fashionable every day for a global customer base too.