Melorra, an Indian D2C jewellery brand, raised USD 24 million in an unknown funding round led by 9Unicorns and others on 13 October 2021.
Investors: 9Unicorns led the latest round of funding with participation from Symphony International Holdings Limited, Venture Catalysts, Param Capital, Value Quest, and family offices.
The Objectives behind the funding: The company plans to deploy the current proceeds to advance the startup’s technology stack, ramp up brand marketing, and expand Melorra’s experience centres across India.
Founded in 2015 by Krishna Kumar and Saroja Yeramilli, Melorra is a jewellery brand, designing and retailing affordable and hallmarked jewellery for everyday wear. Melorra’s fashion stylists and jewellery designers work together to create jewellery in line with the global fashion trends week on week. Melorra partnered with India’s leading and technically advanced jewellery manufacturers to use 3d printing to provide an accurate and elegant finish to its products. The company reported that the brand has delivered to more than 2,700 towns in India so far and clocked 200 per cent year-on-year growth. Melorra targets to reach USD 1 billion in revenue five years from now.
What the Founder has to say:
“Disruption has been one of Melorra’s foremost attributes ever since inception. As a digital-first jewellery player, we have adopted a multi-channel strategy to ensure Melorra is where its customers are. In this light, this funding comes as an affirmation that we continue to lead in the right path. We will be focusing on enhancing our operations and marketing and expansion of our experience centre footprint across the country," said Saroja Yeramilli, Founder and chief executive officer (CEO), Melorra.
What the Investors have to say:
“Gold jewellery brands are aplenty in India. While traditionally, gold jewellery conjures up images of something heavy and occasion worthy only, Melorra has broken that barrier and how! By ensuring that gold becomes fashionable for every woman at every stage in her life, the brand has charted a growth path unlike any other in the segment. We are happy to enable the brand to take the next steps in their journey of consistent growth," said Apoorva Ranjan Sharma, co-founder, 9Unicorns.
“As Melorra continues to innovate and transform the fast-fashion jewellery business through its digital capabilities and disruptive business model, Symphony is happy to be a part of the company’s continuing story as it grows to become the Indian jewellery brand of choice," said Anil Thadani, chairman of Symphony International Holdings Limited’s Investment Manager, Symphony Asia.
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