Melorra Raises $16 Million as Part of Series D Funding Round The newly raised funds will be used for strengthening brand marketing activities and rolling out more offline experience centers across the country
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D2C startup Melorra has made the first close of $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.
Melorra was launched in 2016 and claims to have been growing at 200 per cent CAGR over the last few years. The brand currently stands at a revenue of over INR 360 crore in FY 22. Melorra delivers hallmarked gold jewellery to 718 districts in India and more than 2800 towns.
"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," said Saroja Yeramilli, founder and CEO, Melorra.
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. Further, the brand has recently expanded its delivery capabilities to the US, UK, Singapore, and UAE.