Mellora Light Weight Jewellery

Melorra, India’s fastest growing D2C fine jewellery brand designing affordable, hallmarked, and trendy jewellery for everyday wear, has raised $24 million in a funding round led by 9Unicorns, Symphony International Holdings Limited, Value Quest, Venture Catalysts, Param Capital and family offices.

The funds raised will be used for a technology upgrade, ramping up brand marketing, and expansion of Melorra’s experience centres pan-India. The company is aiming for $1 billion in revenue five years from now.

Melorra’s vision is to bring the fast-fashion model into jewellery, where they launch a new collection every week and 75 designs every Friday. All these are inspired by global fashion trends. Melorra jewellery is available at pocket-friendly price points, and the idea is to make women buy jewellery just as they do in any other fashion category.

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 delivered to over 2,700 towns in India so far and clocked 200% year-on-year growth.

Saroja Yeramilli, Founder and CEO, Melorra, said, “Disruption has been one of Melorra’s foremost attributes ever since inception. From identifying the need for a transformation in the perception around gold to ensuring that all 718 districts in India have access to Hallmarked gold jewellery, Melorra’s journey has been incredibly fulfilling. 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.”

Dr Apoorva Ranjan Sharma, Co-Founder of 9Unicorns, said, “Gold jewellery brands are aplenty in India. While traditionally, gold jewellery conjures up images of something heavy and occasion worthy only, Melorra has broken that barrier and how! 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.”

Anil Thadani, Chairman of Symphony International Holdings Limited’s Investment Manager, Symphony Asia, said, “As Melorra continues to innovate and transform the fast-fashion jewellery business through its digital capabilities and disruptive business model, Symphony is happy to be a part of the company’s continuing story as it grows to become the Indian jewellery brand of choice.”

Ravi Dharamshi, Founder & MD of Value Quest Investment Advisors, said, “Most geniuses especially those who lead others prosper not by deconstructing intricate complexities but by exploiting unrecognized simplicities. Saroja is one such entrepreneur that embodies the quote ‘Simplicity is the ultimate sophistication’. Melorra is not just an emerging disruptive challenger but a category creator with strong competitive advantage, thanks to its prolific everyday designs inspired from the global trends. Melorra has a large globally addressable market, demographically in a sweet spot, strong competitive advantage on design, a seasoned and passionate team, and to top it all an exponentially scalable sound business financial model.”

Online Team AsiaTech
Online Team Asia Tech is a team of Journalists, Entrepreneurs, and Enthusiast Writers who contribute to the platform by bringing everyday stories, updates, opinions and insights from the Asian Startup Ecosystem.

More in D2C

You may also like