Companies

Melorra raises $12 million in Series C funding from Lightbox, others

Sangeetha Chengappa Bengaluru | Updated on October 09, 2019 Published on October 09, 2019

Saroja Yeramilli, founder and CEO, Melorra   -  Special Arrangement

 

Melorra, an online jewellery brand, has raised $12 million in Series C funding from Lightbox, BlackSoil Capital and family offices of some of India’s biggest business houses. These include Ravi Sheth, Great Eastern Shipping Company; the Burmans of Dabur; Rainmaker Ventures and the Jeejeebhoy family office. DPNC Advisors, the financial advisory arm of Dewan P N Chopra & Co, advised Melorra on raising capital from the Burman family office.

Melorra had earlier raised $12 million from Lightbox, bringing the total funding raised to $24 million.

Speaking about the funding, Saroja Yeramilli, founder and CEO, Melorra, said, “We are very happy to have raised this round of funding from Lightbox and some of India’s leading family offices. Going forward, our aim is to become the largest daily-wear fine jewellery brand in the country.”

Melorra has been operating in the daily-wear gold jewellery market ever since it started operations in 2016 and has created a new concept of trendy and lightweight - fine jewellery.

“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,” said Sid Talwar, Partner, Lightbox.

The company said that the brand has delivered to 1,300 towns pan India has recorded a year-on-year growth of 400 per cent in FY 2019. “It is expected to grow 5X in revenue in FY 2020 and hit the Rs 400 crore revenue milestone in FY 2021,” it claimed.

Published on October 09, 2019
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