The Bangalore-based online-only jeweller Melorra, which began operations three years ago, has raised USD 12 million in a Series C funding round, Entrepreneur reports.
Towards VCCircle, the rapidly growing company claimed to have had a year-on-year growth of 400% for the 2019 financial year and foresees USD 56.3 million in revenues by 2021. With this round Melorra’s total funding has reached USD 25 million. The infused capital will be used by the company to expand to wider markets, improve the technology it utilises and ramp up head count.
Melorra is now backed by venture capital firms like the Mumbai based Lightbox Ventures, Rainmaker Ventures, and BlackSoil Capital; and family offices belonging to Ravi Sheth of the Great Eastern Shipping Company—India’s largest private sector shipping company; the Burmans of Dabur—India’s largest Ayurvedic & Natural Health Care Company; and the Jeejeebhoys—one of the most celebrated industrial families of India.
Lightbox already invested USD 5 million in Melorra in early 2016 and USD 3 million in 2017.
Melorra’s tagline is ‘untradition’ and it creates fine light-weight gold and diamond jewellery for the contemporary Indian woman who can wear it with trendy Indian and Western wear. Saroja Yeramilli, the founder and CEO of Melorra, told the Economic Times, that her company’s “aim is to become the largest daily-wear fine jewellery brand in the country.”
The company produces unique designs and utiliizes technology such as 3D printing in its mould creation process. It operates on a no-inventory model and is basically a digital direct-to-consumer brand.
Melorra faces competition from Caratlane, which was founded in 2008 and is India’s biggest online jewellery company. The latter also operates 60 physical stores in the country making it an omnichannel brand. Caratlane’s parent company is Titan, which is owned by one of India’s leading and oldest business conglomerates, the Tata Group.