Melorra raises $12 million from Lightbox, other investors
today Oct 10, 2019
Online jewellery brand Melorra has raised $12 million (Rs 85 crore) in its latest funding round, as it aims to become the country’s largest fine jewellery brand in the coming years.
The funding round was led by Lightbox, BlackSoil Capital and family offices including Ravi Sheth, Great Eastern Shipping Company; the Burmans of Dabur; Rainmaker Ventures and the Jeejeebhoy family office. Lightbox had earlier invested $12 million in the jewellery brand.
Melorra will be using the funds to strengthen its presence in the Indian market and expects to generate revenue of Rs 400 crore over the next two years.
Commenting on the funding, Saroja Yeramilli founder and CEO of Melorra in a statement said: “We are very happy to have raised this round of funding from Lightbox and some of India’s leading family offices. Going forward, we aim to become the largest daily-wear fine jewellery brand in the country.”
Sid Talwar Partner at Lightbox added: "Melorra has been a changemaker in the segment, bringing about a transformation in the way people look at gold jewellery. We are sure the funding will enable them to enhance their capabilities and grow deeper in the markets that they service.”
Melorra claims to have recorded a year-on-year growth of 400 percent in FY 2019 and expects to grow at 500 percent for the fiscal year 2020.