D2C Jwellery brand Melorra has raised $16 million as part of its Series D funding round from Axis Growth Avenues AIF-I, SRF Family Office, N+1 and existing investors.
The startup plans to use the funds to strengthen brand marketing activities and launch more offline experience centers across the country.
The Bengaluru-based Melorra was founded in 2016 by Saroja Yeramilli and Krishna Kumar, It is the operator of an online jewellery store that is used to offer contemporary jewellery.
It claims that it is redefining gold jewellery as not only heavy, and traditional for wedding wear but affordable, lightweight, and fashionable for everyday wear.
The brand supplies hallmarked gold jewellery to 718 districts and over 2,800 cities in India.
“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. Our weekly collections, launched every Friday, are inspired by the latest season Global fashion trends and are unmatched anywhere in the global jewellery industry”, said, Saroja Yeramilli, Founder and CEO, Melorra.
The company claims to grow at a CAGR of 200 percent over the years, and its revenue in FY22 is over Rs 360 crore.
Melorra has recently expanded delivery capabilities to the US, UK, Singapore and UAE.
The company says its valuation has more than doubled in just six months since the last funding round.
In October 2021, Melorra had raised $24 million from 9Unicorns, Symphony International Holdings Limited, Value Quest, Venture Catalysts and Param Capital.
Melorra, founded in 2015, is a company that styles jewellery for the contemporary wardrobe. While the apparel industry tracks global trends in fashion, jewellery often lags behind. At Melorra, their global trend-spotters spot the styles that’ll make the cut for today’s fashion scene across global runways like Paris and Milan. Melorra’s fashion stylists and jewellery designers work together to create jewellery in line with the global fashion trends week on week. Playful. Comfy. On-trend.
Melorra is made for occasions like casual-dos, work and parties, with light, contemporary jewellery that can work on a daily basis. Military, Bohemian, Floral, Checks and Stripes are just a few examples of trends in fashion. India’s leading and technically advanced jewellery manufacturers have partnered with Melorra to use 3D printing to provide an accurate and elegant finish to their products.