August Jewellery Pvt, Ltd, which runs e-jeweller Melorra, on Tuesday announced the first close of its Series D funding at $16 million (Rs 123.2 crore) from Axis Growth Avenues AIF-I, SRF family office, N+1 and other existing investors.
The firm plans to use the fresh funds to boost marketing activities and set up more offline units across India.
Founded by Saroja Yeramilli in 2016, the Bengaluru-based platform, in October last year, secured $24 million (around Rs 177 crore) from 9Unicorns, Symphony International Holdings Limited, Venture Catalysts and others.
The company says it is targeting to reach $1 billion in revenue by four years from now.
Claiming to deliver hallmarked gold in all 718 Indian districts, Mellora has delivered to over 2,800 towns in India so far and clocked 200% year-on-year growth.
“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. Melorra’s online distribution strength has ensured it is India’s largest-distributed jewellery company reaching in a record time over 2,800 towns and the remotest of villages,” said Saroja Yeramilli, founder and chief executive officer, Melorra.
With its recently expanded delivery capabilities to the US, UK, Singapore, and UAE, Melorra aims to make gold fashionable for everyday use for a global customer base too, the firm said in a statement.
In September 2020, Melorra raised $12.5 million (Rs 92 crore) in a new funding round led by Symphony Asia and joined by Lightbox Ventures and Alteria Capital.
In October 2019, Melorra, raised $12 million (about Rs 85 crore) in a Series C funding round from investors including existing backer Lightbox Ventures India.