[Funding] D2C jewellery brand Melorra raises $24 M investment
D2C (direct-to-consumer) jewellery brand,on Wednesday said it has secured $24 million in a funding round led by 9Unicorns, Symphony International Holdings Limited, Value Quest, Venture Catalysts, Param Capital and family offices.
Melorra will use the fresh capital to upgrade technology, ramp up brand marketing, and expand its experience centres across India. The company is aiming for $1 billion in revenue over the next five years.
Melorra is also currently spearheading a campaign to educate consumers about the importance of buying BIS Hallmarked gold jewellery in India.
Saroja Yeramili, Founder and CEO, Melorra
Speaking about the funding, Saroja Yeramilli, Founder and CEO, Melorra, said, “Disruption has been one of Melorra’s foremost attributes ever since inception. From identifying the need for a transformation in the perception around gold to ensuring that all 718 districts in India have access to Hallmarked gold jewellery, Melorra’s journey has been incredibly fulfilling.”
Founded in 2016, Melorra has delivered hallmarked gold to 718 Indian districts. The startup claims to have found consumers in over 2,700 towns in India so far and clocked 200 percent year-on-year growth.
Dr. Apoorva Ranjan Sharma, Co-Founder, 9Unicorns, said, “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. And the gold comes with the Melorra guarantee – of Hallmark, quality, and variety. We are happy to enable the brand to take the next steps in their journey of consistent growth.”
The company added its vision is to bring a fast-fashion model to jewellery, where the startup launches a new collection every week and 75 designs every Friday. All these are inspired by global fashion trends. Melorra’s team visits the Paris and Milan Fashion Weeks and picks 26 micro-trends launched by global fashion brands.
“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.
All of the gold jewellery on Melorra is BIS certified. Going forward, the brand will be launching its international website. Melorra, which aims to become India's largest daily wear brand, currently has a revenue of around Rs 350 crore.
Ravi Dharamshi, Founder and MD, Value Quest Investment Advisors, said, "Melorra has a large globally addressable market, demographically in a sweet spot, strong competitive advantage on design, a seasoned and passionate team, and to top it all an exponentially scalable sound business financial model.”
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