Online jewellery marketplace Melorra has raked in $12 million fresh round from Lightbox and BlackSoil Capital. Ravi Sheth, the Burmans of Dabur, Rainmaker Ventures, and the Jeejeebhoy family office also participated in the Series C financing round.
The Bengaluru-based startup will use the fresh proceeds to strengthen its technological capabilities, increase brand visibility, and grow its employee base.
Three years ago, the Saroja Yeramilli-led company had raised $12 million from Lightbox. So far, the firm had raised $24 million total risk capital across two institutional rounds.
Founded in 2016, Melorra is known for a fashion-forward, lightweight, precious jewellery brand that claims to cater to the needs of contemporary women. As per the Melorra’s official website, its designs reflect the global runaway trends of Milan, New York, Paris, and London, in sync with fashion seasons.
The company has partnered with various Indian jewellery manufacturers to deliver unique designs. It employs around 25 quality check processes to assure the jewellery’s purity.
Melorra does not carry any inventory as it makes gold jewellery on order and delivers to customers with a return policy in 30 days and lifetime exchange of jewellery at prevailing rates of gold.
According to the company’s press release, it has recorded a year-on-year growth of 400% in FY19. With the rise in smartphone and internet users, the company expects to increase the revenue by five times in FY 2020. It also projects to hit Rs 400 crore revenue milestone in FY21.
The company counts Bluestone, Voylla, and CaratLane, among others as its major competitors.