Bengaluru, India-based startup Melorra Jewellery raises US$ 12.5M, in a funding round held in September 2020, from Symphony Asia, Lightbox Ventures and Alteria Capital. Existing and new family offices of Burman, Jamshed Jeejeebhoy and others also participated in the round.
Proceeds from the funding round will be used for technological innovations, product development, and marketing to grow its brand name and popularize Melorra among Gen Z.
Modern age jewellers
Melorra is an online cum offline jewellery brand founded by Saroja Yeramilli and Krishna Kumar in 2016. The brand mainly caters to the modern Indian women by designing, creating and selling contemporary jewellery through its offline store and online platform.
The startup has been working in the lightweight gold jewellery sector ever since it launched in 2016. The startup claims that it has been witnessing a lot of growth in the number of orders ever since the lockdown was removed. The brand has recorded a 4X surge in both organic and direct traffic compared to November 2019 and the ASP (average selling price) has increased by 40% when compared to pre-COVID figures.
Mellora also claims that it has delivered pieces of jewellery to over 1700 towns in India, ranging from small cities to the advanced and metropolitan ones.
CEO Saroja Yeramilli said that Melorra is functioning at positive unit economics and quickly retaining its pre-COVID-19 level profits. She claims that this can be attributed to the fact that her startup is a trailblazer in everyday wear lightweight, fashionable jewellery industry. The pandemic had affected them in the beginning, but they apparently bounced back due to their easy online accessibility and have been addressing the customer concerns around trust and safety sincerely.
Co-founder of Lightbox Ventures, Siddharth Talwar said, ‘In March when the pandemic hit, like so many other businesses around the world, Melorra saw sales volumes drop drastically, the future of the jewellery market questioned, and online search traffic heavily decreased.” He further added that they have gotten the business on its feet, over the past 4 months -which is nothing short of a masterstroke. Melorra’s revenue is on track now and will soon outdo pre-COVID-19 figures, and it has achieved this by reducing its marketing expenditure by over 50%, and accomplishing positive unit economics.
The startup had secured US$ 8.9M in a debt financing round held in September 2020 from Lightbox Ventures, Shadows Holdings, Gopinath Ambadithody. It had also raised US$ 12M in a Series C funding round held in October 2019 from Lightbox Ventures, BlackSoil Capital, Rainmaker Ventures, Jamshed JeeJeebhoy, Rati Seth and Dabur India.
In January 2016, Melorra had raised US$ 5M in a seed funding round, the highest amount ever raised by a startup in a seed round from Lightbox Ventures.
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