The startup said that the current funds raise saw its valuation double from a fundraising round in October 2021 when it raised $24 million.
D2C startup focussed on gold jewellery, Melorra has raised $16 million as a part of an ongoing Series D funding round from Axis Axis Growth Avenues AIF-I, SRF Family Office, N HN1and existing investors. The newly raised funds will be used for strengthening brand marketing activities and rolling out more offline experience centres across the country. The startup said that the current funds raise saw its valuation double from a fundraising round in October 2021 when it raised $24 million.
Launched in 2016, Melora has grown at a 200 per cent CAGR over the last few years the brand currently stands at a revenue of over Rs 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, and traditional for wedding wear but affordable, lightweight and fashionable for everyday wear.
“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,” Saroja Yeramilli, Founder and CEO, Melorra, said.
Previously the startup had raised $24 million from 9Unicorns, Symphony International Holdings Limited, Value Quest, Venture Catalysts and Param Capital. 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.
The company said that it has expanded its delivery capabilities to the US, UK , Singapore and UAE.