Melorra raises Rs 92 crore funding, plans to invest in technology and marketing
Jewellery brand Melorra has raised around Rs 92 crore ($12.5 million) in a funding round led by Symphony Asia, Lightbox Ventures and Alteria Capital. Existing and new family offices like Burman, Jeejeebhoy, and others also participated in the funding round.
Melorra will be using the funds for technological innovations, product innovations, and brand marketing.
The brand has witnessed growth, despite the Covid-19 restrictions, and expects to clock pre-Covid level revenues in the coming months.
Commenting on the funding, Saroja Yeramilli, founder and CEO of Melorra, in a statement said: “We are happy to raise this round of funding, and with the investor trust in our capabilities. Melorra is operating at positive unit economics and rapidly regaining its pre-Covid level revenues. Although raising capital has been tough in the market, funding in this period has re-established the investor’s belief in the business model and team.”
Anil Thadani, chairman of Symphony Asia, added: “We are impressed with the work of Saroja Yeramilli and her team at Melorra in creating a differentiated business model for the jewellery sector in India. Melorra has seen strong growth over the past few years, by bringing fast-fashion jewellery to the millennial woman. We look forward to supporting the next phase of growth and expansion.”
Melorra had recorded a year-on-year growth of 400 percent in FY2019, and is one of the fastest-growing lightweight jewellery brands in the country. It sells contemporary lightweight jewellery in gold, diamond, and coloured stones.
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