Indian jewelry brand Melorra raises $12m from Lightbox, others

Melorra, an Indian direct-to-consumer jewelry brand, has secured US$12 million in a series C funding round from Lightbox and BlackSoil Capital. Other investors including Ravi Sheth, Great Eastern Shipping Company, the Burmans of Dabur, Rainmaker Ventures, and the Jeejeebhoy family office also participated in the round.

Saroja Yeramilli, founder of Melorra / Photo credit: Melorra

The company had earlier raised US$12 million from Lightbox in a previous round, bringing Melorra’s total funding to US$24 million, according to a statement.

Melorra will use the series C funding to enhance its technological capabilities, increase its brand visibility, and expand its employee base.

Since it started operations in 2016, the startup has been focused on the daily-wear gold jewelry market, employing a no-inventory approach and a computer-aided design tech. The company claims to be the first to introduce 3D printing in making jewelry moulds in India.

“We are filling a need gap by bringing to the millennial woman fine jewelry that doesn’t get confined to any occasion. [..] Going forward, our aim is to become the largest daily-wear fine jewelry brand in the country,” Saroja Yeramilli, founder and CEO of Melorra, said.

According to a statement, the brand has seen a 400% year-on-year growth in FY 2019 and it’s expecting to grow its revenue by 5x in FY 2020.

Melorra ships to over 26,000 pin codes in India, with cash-on-delivery option available across the country.