August Jewellery Pvt. Ltd, which operates fine jewellery brand and e-tailer Melorra, has raised $12 million (about Rs 85 crore at current exchange rate) in a Series C funding round from investors including existing backer Lightbox Ventures India.
Melorra said Mumbai-based existing investor BlackSoil Capital also participated in the round. Family offices also took part, including those of Ravi Sheth of the Great Eastern Shipping Company, Burmans of fast-moving consumer goods group Dabur, Rainmaker Ventures, and the Jeejeebhoy family office.
DPNC Advisors, the financial advisory arm of Dewan PN Chopra & Co., acted as one of the facilitators to Melorra’s fundraising round.
In a statement, Benagluru-based Melorra said it will use the capital raised to enhance its technological infrastructure, as well as increase its brand visibility and expand its employee base.
Company founder and chief executive Saroja Yeramilli said the startup was filling a gap by addressing the fine jewellery needs of millennial women. “Going forward, our aim is to become the largest daily-wear fine jewellery brand in the country,” Yeramilli said.
Lightbox partner Siddharth Talwar said the firm was confident about re-investing in the company. “By bringing gold jewellery to the mainstream in a never-before manner, Melorra is encouraging more women to experiment with their wardrobe,” Talwar said.
Melorra, which began operations in 2016, says it recorded a year-on-year growth of 400% for the 2019 financial year. The company says it expects to clock Rs 400 crore in revenues for the 2021 financial year, and that it is moving towards profitability.
It uses a no-inventory approach and computer-aided design technology to make it a digital direct-to-consumer brand. It creates jewellery for everyday wear and contemporary wardrobes.
In August last year, Lightbox and BlackSoil invested in the company. The funding came after a separate $3 million investment in Melorra by Lightbox in 2017. Lightbox had first invested $5 million in Melorra in early 2016.