Melorra raises $24 million from 9Unicorns, others
Direct-to-consumer jewellery brand Melorra has raised $24 million (Rs 180 crore) in a funding round led by 9Unicorns, Symphony International Holdings Limited, Value Quest, Venture Catalysts, and Param Capital.
The company will utilise the funds via offline expansion across India, along with strengthening its technology and marketing capabilities. The brand also plans to launch its international website soon.
Commenting on the funding, Saroja Yeramilli, founder and CEO Melorra, in a statement said: “As a digital-first jewellery player, we have adopted a multi-channel strategy to ensure Melorra is where its customers are. We will be focusing on enhancing our operations and marketing and expansion of our experience centre footprint across the country.”
Apoorva Ranjan Sharma, co-founder of 9Unicorns added: “By ensuring that gold becomes fashionable for every woman at every stage in her life, the brand has charted a growth path unlike any other in the segment. And the gold comes with the Melorra guarantee – of Hallmark, quality, and variety. We are happy to enable the brand to take the next steps in their journey of consistent growth.”
Founded in 2016, Melorra claims to be one of the fastest-growing fine jewellery brands in the country and recorded a year-on-year growth of 400 percent in FY2019. On the back of its retail expansion, it aims to clock revenue of Rs 100 crore in the next financial year.
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