Melorra Raises $16 million as a part of ongoing Series D funding round; Valuation doubles in six months
Bengaluru, May 2022: Melorra, one of India’s top five D2C brands, has made the first close of a $16 million Series D funding round from Axis Growth Avenues AIF-I, SRF Family Office,N+1 and existing investors. The newly raised funds will be used for strengthening brand marketing activities and rolling out more offline experience centres across the country.
Melorra has redefined the perception around gold jewellery ever since it was launched in 2016. Growing at 200% CAGR over the last few years, the brand currently stands at a revenue of over ₹360 crore in FY 22. Melorra delivers hallmarked gold jewellery to 718 districts in India and more than 2800 towns. The brand is redefining gold jewellery not just as being heavy, traditional for wedding wear but affordable, lightweight and fashionable for everyday wear.
Talking about Melorra’s growth, Saroja Yeramilli, Founder and CEO, Melorra, said, “Melorra’s unique proposition lies in how we have been able to transform the way women wear gold, bringing it out of lockers and on to dressing tables with daily wear. Our weekly collections launched every Friday are inspired by the latest season Global fashion trends and are unmatched anywhere in the global jewellery industry. Add to that a revolutionary tech enabled, asset light, no inventory, made-to-order manufacturing has been a draw for investors. Melorra’s online distribution strength has ensured it is India’s largest distributed Jewellery company reaching in a record time over 2800 cities/towns and the remotest of villages.”
Melorra saw its valuation double within just 6 months since its last funding round in October 2021 when it raised $24 million from 9Unicorns, Symphony International Holdings Limited, Value Quest, Venture Catalysts and Param Capital. This is a clear indicator of the fantastic top-line growth achieved by Melorra and a strong improvement in bottomline performance. Going forward, the brand is targeting to reach $1 billion in revenue by FY 26 by consolidating its online leadership strength in the large gold jewellery industry and expanding its offline footprint.
With its recently expanded delivery capabilities to the US, UK, Singapore, and UAE, Melorra is making sure that gold is fashionable every day for a global customer base too.