Melorra raises $24M in new round
Melorra, a D2C jewellery brand, announced that it has raised $24 million in a round led by 9Unicorns, Symphony International Holdings Limited, Value Quest, Venture Catalysts, Param Capital, and family offices.
Melorra plans to use the freshly raised funds to upgrade technology, scale up brand marketing, and expand its experience centers across the country. The company is targeting $1 billion in revenue over the next five years.
At present, Melorra is also spearheading a campaign to educate consumers about the significance of buying BIS Hallmarked gold jewelry in India.
Saroja Yeramilli, Founder and CEO, Melorra, said, “Disruption has been one of Melorra’s foremost attributes ever since inception. From identifying the need for a transformation in the perception around gold to ensuring that all 718 districts in India have access to Hallmarked gold jewellery, Melorra’s journey has been incredibly fulfilling.”
Established in 2016, Melorra has delivered hallmarked gold to 718 districts in India. The startup claims to have found consumers in more than 2,700 towns in the country so far and recorded 200 percent year-on-year growth.
Commenting on the investment, Dr. Apoorva Ranjan Sharma, Co-Founder, 9Unicorns, said, “Gold jewellery brands are aplenty in India. While traditionally, gold jewellery conjures up images of something heavy and occasion worthy only, Melorra has broken that barrier and how! 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.”
“As Melorra continues to innovate and transform the fast-fashion jewellery business through its digital capabilities and disruptive business model, Symphony is happy to be a part of the company’s continuing story as it grows to become the Indian jewellery brand of choice,” added Anil Thadani, Chairman of Symphony International Holdings Limited’s Investment Manager, Symphony Asia.
Melorra seems to have established a strong foothold in the market with its innovative model. I believe the company will emerge as a dominant market player in the time to come. My best wishes to the team of Mellora.Shishir Gupta, Founder and CEO, StartupLanes
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