Melorra, a D2C brand focused on fine jewellery, has raised $24 million (around Rs 177 crore) in a financing round from 9Unicorns, Symphony International Holdings Limited, Value Quest, Venture Catalysts, Param Capital, and family offices.
The company said it will use funds towards technology upgrades, ramping up brand marketing, and expansion of Melorra’s experience centers pan-India.
Melorra said it is aiming for $1 billion in revenue five years from now. Currently, the brand is campaigning to educate consumers about buying BIS hallmarked gold jewellery in India.
The brand said it has delivered hallmarked gold to all 718 Indian districts, while the government mandates coverage in only 256 districts. It has delivered to over 2,700 towns in India so far and clocked 200% year-on-year growth.
“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,” said Saroja Yeramilli, founder and CEO, Melorra.
"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,” she added
Founded by Saroja Yeramilli, the brand aims to create fashion-forward fine jewellery to meet the changing wardrobe needs of a woman.
Yeramilli has also worked with Titan, joining in 1994 as the advertising head and internally moved to head sales for Tanishq; she later moved to head operations at Marico-Kaya skin clinic.
Previously, Melorra raised $5 million (around Rs 37 crore) and has clocked Rs 160 crore revenue in 3.5 years. The brand has so far raised $36.5 million (around Rs 270 crore) in funding from investors including Symphony Asia, Lightbox Ventures, BlackSoil Capital, and family offices of some of India’s biggest business houses.