Melorra raises $16 mn as part of ongoing Series D funding round; valuation doubles

The newly raised funds will be used for strengthening brand marketing activities

FPJ Web DeskUpdated: Tuesday, May 17, 2022, 03:20 PM IST
article-image
Saroja Yeramilli, Founder and CEO, Melorra, said, “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. | Melorra

D2C brand Melorra, announced it has made the first close of a $16 million Series D funding round from Axis Growth Avenues AIF-I, SRF Family Office,N+1 and existing investors.

The newly raised funds will be used for strengthening brand marketing activities and rolling out more offline experience centres across the country.

Growing at 200 percent CAGR over the last few years, the brand that focusses on affordable, lightweight and fashionable for everyday wear , currently stands at a revenue of over Rs 360 crore in FY 22. Melorra delivers hallmarked gold jewellery to 718 districts in India and more than 2,800 towns. The brand is redefining gold jewellery not just as being heavy, traditional for wedding wear but

Talking about Melorra’s growth, Saroja Yeramilli, Founder and CEO, Melorra, said, “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. Add to that a revolutionary tech enabled, asset light, no inventory, made-to-order manufacturing has been a draw for investors. Melorra’s online distribution strength has ensured it is India’s largest distributed Jewellery company reaching in a record time over 2800 cities/towns and the remotest of villages.”

Melorra saw its valuation double within just 6 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.

Going forward, the brand is targeting to reach $1 billion in revenue by FY 26 by consolidating its online leadership strength in the large gold jewellery industry and expanding its offline footprint, it said in a press statement.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

BJP set to stake claim in Maharashtra, Devendra Fadnavis eyes CM post for 3rd time

BJP set to stake claim in Maharashtra, Devendra Fadnavis eyes CM post for 3rd time

Maharashtra: No need for floor test now, says Assembly Secretary

Maharashtra: No need for floor test now, says Assembly Secretary

Floor test called off, not required after CM Uddhav's resignation: Maharashtra Assembly secretary

Floor test called off, not required after CM Uddhav's resignation: Maharashtra Assembly secretary

Malaria, dengue surge as Mumbai battles COVID-19

Malaria, dengue surge as Mumbai battles COVID-19

Kurla building collapse: Day after tragedy, families wait to collect bodies of loved ones

Kurla building collapse: Day after tragedy, families wait to collect bodies of loved ones