D2C jewellery brand Melorra 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 funds funds will be used for strengthening brand marketing activities and rolling out more offline experience centres across the country, said Melorra in a release.
According to Melorra, the company saw its valuation double within just 6 months since its last funding round in October 2021 when it raised $24 million from 9Unicorns, and others.
Launched in 2016 by Saroja Yeramilli and Krishna Kumar, Melorra is an operator of an online jewellery store that is used to offer contemporary jewellery. The company claims that it delivers hallmarked gold jewellery to 718 districts in India and more than 2800 towns.
The company further said that it is growing at 200% CAGR over the last few years and the brand currently stands at a revenue of over Rs 360 crore in FY22.
Melorra counts Bluestone, Voylla, and CaratLane, among others as its major competitors.