Melorra eyes Rs 100 crore next fiscal, aims to turn profitable by 2021

By

Maverick Martins

Published
Oct 24, 2018

Online jewellery brand Melorra is targeting revenue of Rs 100 crore (approx $13.7 million) in the next fiscal year and also aims to turn into a profitable business by 2021.

The company has been expanding its delivery network rapidly and adding 100 new cities every month, which has given the online jewellery retailer a five-fold increase in its revenues.
 
Melorra reported Rs 8.5 crore revenue in the fiscal year 2017-18 and aims to touch Rs 40 crore this fiscal on the back of strong sales in non-metro cities.

"Much of the demand is coming from non-metro cities. We are getting orders from smaller cities and adding 100 new cities for delivery every month. We expect our revenue to touch Rs 40 crore this fiscal," founder and chief executive Saroja Yeramilli told PTI.
 
“With the rise in internet and smartphones users, the company expects revenue to touch Rs 100 crore mark in the next fiscal and start making profits from 2021 onwards,” she added.
 
The company, which sells contemporary lightweight jewellery in gold, diamond, and coloured stones, has around $4 million in capital, which it plans to invest later and as of now has no plans of raising any more funds this fiscal.
 
"We had raised $12 million from a venture capitalist, out of which $8 million has been spent on the business. We still have funds. We will invest that and later look for more funds. Funding has not been a problem. Investors are keen to invest in our company," Yeramilli concluded.