On Wednesday, Melorra (1), a Bengaluru-based jewelry startup, has stated that it has secured 12.5 million USD from Symphony Asia, one of Asia’s first private equity firms, Alteria Capital, and Lightbox Ventures. Jeejeebhoy, Burman’s new and existing offices, and others also participated in the latest funding round.
As per the company’s statement, the company will utilize the fresh infusions for innovations related to its technology and product upgrading. The company would also enhance its marketing to grow brand awareness. It aims to place itself as the first choice of a new generation.
Melorra is operating positively and is gaining its pre-pandemic revenues at a fast pace. It reaffirms that the brand is daily wear, lightweight, trendy jewelry space leader, stated Founder and CEO of Melorra, Saroja Yeramilli. The additional benefit for the company was its online availability during the pandemic. It helped the firm to approach the trust and safety concerns of its customers, she added.
Melorra to Mark Its Presence Across India
Yeramilli stated that the firm had asserted its business model with the latest infusions. The company will continue to enhance its offerings. Even though raising funds is difficult during this challenging time, the latest funds indicate investors’ trust in the business model and team of Melorra.
Melorra has been into the lightweight gold jewelry space since its inception in 2016. The firm has observed record accelerated growth in its order value and numbers after India’s unlocking, as per the company’s claims. There is a 4x surge in traffic, both direct and organic, compared to 2019. As opposed to pre-COVID levels, the average selling price, ASP of the brand, has spiked 40%.
Melorra currently has over 160 employees and delivers to more than 1700 towns and cities. The firm added that it had made its mark everywhere with cities over 1 million people and those with less than 10,000. The last funding round of the company was in October 2019. To date, it has raised about 36.5 million USD, including the latest fundraise. In 2016, the company secured 5 million USD in its seed funding round, one of the largest.