D2C jewellery brand Melorra raises $24 mn in funding round led by 9Unicorns

D2C jewellery brand Melorra has raised $24 million in a funding round led by 9Unicorns, Symphony International Holdings Limited, Value Quest, Venture Catalysts, Param Capital and family offices.

The funds raised will be used for technology upgrade, ramping up brand marketing, and expansion of Melorra’s experience centers across India. The company is aiming for $1 billion in revenue five years from now.

According to the company statement, Melorra has experienced consistent growth since its inception in 2016 and delivers Hallmarked gold to all 718 Indian districts, while the government mandates coverage in only 256 districts. The brand has delivered to over 2,700 towns in India so far and clocked 200% year-on-year growth.

“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,” said Saroja Yeramilli, founder and CEO, Melorra.

Melorra’s vision is to bring the fast-fashion model into jewellery, where they launch a new collection every week and 75 designs every Friday.

Dr Apoorva Ranjan Sharma, co-Founder, 9Unicorns, said, “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. 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.”

Melorra’s current revenue is around Rs 350 crore; they are aiming to become the largest daily wear jewellery company in India.