Startup Melorra, a Jewellery firm announced that it has closed a $16 million Series D round from Axis Growth Avenues AIF-I, SRF Family Office,N+1 and existing investors.
The startup, whose valuation has doubled, plans to invest the fresh capital for strengthening brand marketing activities and launching more offline experience centres across the country.
“Melorra’s unique proposition lies in how we have been able to transform the way women wear gold, bringing it out of lockers and on to dressing tables with daily wear. Our weekly collections, launched every Friday, are inspired by the latest season Global fashion trends and are unmatched anywhere in the global jewellery industry.” Saroja Yeramilli, Founder and CEO, Melorra, said.
Melorra’s online distribution strength has ensured it is India’s largest distributed Jewellery company reaching in a record time over 2,800 cities/towns and the remotest of villages. Added to that, a tech enabled, asset light, no inventory, made-to-order manufacturing has been a draw for investors.
Sharing information about company’s revenue, Saroja stated, “We are very close to $100 million annualised run rate now. For FY23, we are targeting more than $100 million net revenue.”
With its recently expanded delivery capabilities to the US, UK, Singapore, and UAE, Melorra is making sure that gold is fashionable every day for a global customer base too.
Startup Melorra Growing at 200 percent CAGR
Founded in 2016, the D2C brand claims to be growing at 200 percent CAGR over the last few years, and its revenue in FY 22 stands at over Rs 360 crore.
Melorra delivers hallmarked gold jewellery to 718 districts in India and more than 2,800 towns. The brand claims it is redefining gold jewellery not just as being heavy, traditional for wedding wear but affordable, lightweight, and fashionable for everyday wear.
According to the official statement, Melorra’s valuation doubled in just six months since its last funding round in October 2021 when it raised $24 million from 9Unicorns, Symphony International Holdings Limited, Value Quest, Venture Catalysts, and Param Capital.
Up till now, the startup has raised $55million in funding prior to current Series D round.
