D2C jewellery brand Melorra has raised $24 million funding from 9Unicorns, along with participation by Symphony International Holdings Limited, Value Quest, Venture Catalysts, Param Capital and family offices.
The five-year old startup is a jewellery brand, designing and retailing affordable and hallmarked jewellery for every-day wear.
Founded in 2016, the startup delivers hallmarked gold jewellery to 718 Indian districts. The brand claims to have delivered to over 2,700 towns in India so far. The brand wants to become a “fast fashion” jewellery outlet and launch a new collection every week.
Saroja Yeramilli, (CEO), Melorra said “Disruption has been one of Melorra’s foremost attributes ever since inception. 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,”
Apoorva Ranjan Sharma, Co-Founder, 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. 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.”
Melorra aims to touch $1 billion in revenue five years from now and plan launch its international website in the near future.