IBEF: October 11, 2019
Melorra, an online jewellery brand, has raised funds of worth US$ 12 million in Series C funding from Lightbox, BlackSoil Capital and from family offices of some of India's biggest business houses.An online jewellery brand, Melorra, has raised funds of worth US$ 12 million in Series C funding from Lightbox, Black Soil Capital and from family offices of some of India’s biggest business houses. The business houses include Ravi Sheth, Great Eastern Shipping Company; the Burmans of Dabur; Rainmaker Ventures and the Jeejeebhoy family office. The funds by Melorra from the Burman family office were raised on the advice of DPNC Advisors, the financial advisory arm of Dewan P N Chopra & Co.
The total funds raised by the company so far amount to US$ 24 million out of which US$ 12 million were earlier raised from Lightbox.
Addressing 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."
The company has been working in the daily-wear gold jewellery market ever since it came into business in 2016 and has introduced many new concepts of trendy and lightweight - fine jewellery.
According to Sid Talwar, Partner, Lightbox, "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."
Melorra brand has delivered to 1,300 towns pan India and has recorded a year-on-year growth of 400 per cent in FY 2019. As per the claims by the company, "It is expected to grow 5X in revenue in FY20 and hit the Rs 400 crore (US$ 57.23 million) revenue milestone in FY21."
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.