Saroja Yeramilli founded D2C jewellery brand Melorra, has raised $24 million in funding led by Value Quest, 9Unicorns, Symphony International Holdings Limited, Param Capital, and Venture Catalysts.
The funds raised will be used for the expansion of Melorra’s experience centres across India, brand marketing and technology upgrade.
According to the company statement, Melorra has experienced consistent growth since its inception in 2016 and delivers Hallmarked gold to all 718 Indian districts, while the government mandates coverage in only 256 districts. The brand has witnessed 200 per cent year-on-year growth and has delivered to over 2,700 towns in India.
“As a digital-first jewellery player, we have adopted a multi-channel strategy to ensure Melorra is where its customers are. In this light, this funding comes as an affirmation that we continue to lead in the right path. We will be focusing on enhancing our operations and marketing and expansion of our experience centre footprint across the country,” said Saroja Yeramilli, founder and CEO, Melorra.
Dr Apoorva Ranjan Sharma, co-Founder, 9Unicorns, said, “Traditionally, gold jewellery conjures up images of something heavy and occasion worthy only. Melorra has broken that barrier by ensuring that gold becomes fashionable for every woman at every stage in her life. The brand has charted a growth path unlike any other in the segment. And the gold comes with the Melorra guarantee-of Hallmark, quality and variety. We are happy to enable the brand to take the next steps in their journey of consistent growth.”
Melorra is planning to become the largest daily wear jewellery company in India with current revenue of around ₹350 crores.
