Melorra Receives Fund Worth $12m from Lightbox and Others
Bengaluru-based online jewelry brand Melorra claimed that it has raised $12 million funding from VC Lightbox, BlackSoil Capital and few other clutches of investors. The company announced that the family offices include Ravi Sheth, Great Eastern Shipping Company, the Burmans of Dabur, Rainmaker Ventures, and the Jeejeebhoy family office. Saroja Yeramilli, Founder and CEO of Melorra said, “We are very happy to have raised this round of funding from Lightbox and some of India’s leading family offices. Going forward, our aim is to become the largest daily-wear fine jewelry brand in the country.”With the infusion of capital, Melorra’s lifetime funding jumps to about $25 million. It claims that the
company recorded a year-on-year growth of 400 percent in FY19 but denied to disclose any details of its topline.
Its lead investor Lightbox said that the money helps the company scale. “We are sure the funding will enable them to enhance their capabilities and grow deeper in the markets that they serve,” said Sid Talwar, partner, Lightbox.
Founded in 2016, Melorra has a no-inventory approach. The founder claims that its use of the latest computer-aided design (CAD) technology makes it a leading digital direct to consumer jewelry brand. The company claims it reaches customers in 26,000 pin codes. The startup aims to grow 5X in revenue in FY21 and is one of the fast-moving track to profitability. Mellora also said that it has delivered to 1,300 towns across the country. The startup has made its mark everywhere – from areas with a population of less than 10,000 to those above one million.
“As a consumer brand by a woman for women, Melorra has been change-maker in the segment, bringing about a transformation in the way people look at gold jewelry. We are sure the funding will enable them to enhance their capabilities and grow deeper in the markets that they serve,” said the founder of the company. Earlier in August, the online jewelry marketplace JewelMaze raised a funding of $4 million from Brand Capital, the strategic investment arm of Bennett Coleman and Co. Ltd.
Its lead investor Lightbox said that the money helps the company scale. “We are sure the funding will enable them to enhance their capabilities and grow deeper in the markets that they serve,” said Sid Talwar, partner, Lightbox.
Founded in 2016, Melorra has a no-inventory approach. The founder claims that its use of the latest computer-aided design (CAD) technology makes it a leading digital direct to consumer jewelry brand. The company claims it reaches customers in 26,000 pin codes. The startup aims to grow 5X in revenue in FY21 and is one of the fast-moving track to profitability. Mellora also said that it has delivered to 1,300 towns across the country. The startup has made its mark everywhere – from areas with a population of less than 10,000 to those above one million.
“As a consumer brand by a woman for women, Melorra has been change-maker in the segment, bringing about a transformation in the way people look at gold jewelry. We are sure the funding will enable them to enhance their capabilities and grow deeper in the markets that they serve,” said the founder of the company. Earlier in August, the online jewelry marketplace JewelMaze raised a funding of $4 million from Brand Capital, the strategic investment arm of Bennett Coleman and Co. Ltd.
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