Companies

Melorra raises $24 million in funding from 9Unicorns and others

Our Bureau Bengaluru | Updated on October 13, 2021

Funds raised will be used for technology upgrades, ramping up of brand marketing, and expansion of Melorra’s experience centres

D2C jewellery brand Melorra has raised $24 million funding from 9Unicorns, along with participation by Symphony International Holdings Limited, Value Quest, Venture Catalysts, Param Capital and family offices.

The funds raised will be used for technology upgrades, ramping up of brand marketing, and expansion of Melorra’s experience centres across India. The company is aiming for $1 billion in revenue five years from now. Melorra claims to be delivering to over 2,700 towns in India so far, and has clocked 200 per cent year-on-year growth.

Digital player

Saroja Yeramilli, Founder and CEO, Melorra, said, “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. As a digital-first jewellery player, we have adopted a multi-channel strategy to ensure Melorra is where its customers are. In this light, this funding comes as an affirmation that we continue to lead in the right path. We will be focusing on enhancing our operations and marketing and expansion of our experience centre footprint across the country.”

Also see: Golden days ahead for jewellers as India recovers from pandemic

Melorra’s vision is to bring the fast-fashion model into jewellery, where they launch a new collection every week and 75 designs every Friday. Melorra’s current revenue is around ₹350 crore. Going forward, the brand will be launching its international website.

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. 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.”

Published on October 13, 2021

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