Bengaluru-based Jewellery Brand Melorra Raises $12 Mn
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Bengaluru-based jewellery brand Melorra raised $12 million in a funding round from venture capitalist fund, Lightbox Ventures, Mumbai-based BlackSoil Capital and family offices such as Ravi Sheth, Great Eastern Shipping Company; the Burmans of Dabur; Rainmaker Ventures and the Jeejeebhoy family office.
DPNC Advisors, the financial advisory arm of Dewan P N Chopra & Co., advised Melorra on raising capital from the Burman Family Office. The funds will be utilized to enhance the technological infrastructure, increase the brand visibility and expand the company’s employee base.
Filling the Gap
Speaking on the funding, Saroja Yeramilli, Founder and CEO of Melorra, said, “We are filling a need gap by bringing to the millennial woman fine jewellery that doesn’t get confined to any occasion. I had conviction in the potential of this market when I started out…” by “need,” Yeramilli refers to the predicament of every women of all generations who have always been on the lookout for jewellery that can match with their everyday wardrobe and not something that would be tucked away in bank lockers. This is particularly true of gold and diamond pieces. “We tried to address this problem with our lightweight and trendy pieces that women can wear with confidence and élan every day – no matter what the occasion is,” said Yeramilli.
Melorra founed in 2016 in Bengaluru combines technology and fast changing fashion trends to deliver exclusive jewellery products to its customers. It is an online-only model. The company claims to have have recorded a year-on-year growth of 400 per cent in FY 2019 and is expected to grow 5X in revenue in FY 2020.
Melorra was featured in Entrepreneur India’s ‘Top 50 Start-ups to Watch Out for in 2019’ list last year.