D2C Jewellery Brand Melorra Raises $24 Million In Funding
Melorra, a D2C (direct-to-consumer) jewellery brand, has raised $24 million in a funding round led by 9Unicorns, Symphony International Holdings Limited, Venture Catalysts, Value Quest, Param Capital and family offices.
As per the D2C jewellery brand, the raised funds will be used to upgrade technology, ramp up brand marketing, and expand its experience centres across India.
Melorra | Everyday Fine Jewellery
Founded in 2016 by Saroja Yeramilli, Melorra has delivered hallmarked gold to 718 Indian districts. The D2C jewellery brand claims to have found consumers in over 2,700 towns in India so far and clocked 200% year-on-year growth.
Its team visits the Paris and Milan Fashion Weeks and picks 26 micro-trends launched by global fashion brands. Inspired by the global fashion trends, Melorra launches a new collection every week and 75 designs every Friday.
Speaking on the development, Saroja Yeramilli 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.”
Working with a vision to bring a fast-fashion model to jewellery, Melorra is aiming for $1 billion in revenue over the next five years.
With all its gold jewellery BIS certified, the D2C jewellery brand aims to become India’s largest daily wear brand and currently has a revenue of around Rs 350 crore. Additionally, Melorra will be launching its international website soon.
Speaking about Melorra, Dr. Apoorva Ranjan Sharma, Co-Founder of 9Unicorns, said,
“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.”
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