Lightbox.vc funds online jewellery company Melora

Melora will use proceeds to expand team, for setting up designing studio, technology and on marketing

Lightbox.vc, venture capital focussed on building global consumer tech companies, has invested $5 million in Melora, an online jewellery company.

The company founded by former senior executive of Tanisqh and Dell claims this is the largest seed round funding.

Melora's founder Saroja Lakshmi Yeramilli has over seven years of experience in jewellery industry. She was senior leadership team at Tanisqh, Titan's watch brand and later went on to head retail at Dell.

Yeramilli founded Melora, targeting young women under 35 years, said money will be utilised to expand the team, for setting up designing studio, on technology and on marketing.

She added, initially the company will focus on domestic market and from middle of this year it will start shipping to the US, Europe and Singapore.

Sid Talwar, Partner at LightBox, said jewellery represents one of the largest retail markets in India. And it still lacks any major brand play either online or offline, foreign or domestic. "We believe Melorra has an opportunity to take advantage of this lacunae." Talwar will join Melora's board.

"Our vision is to be a premium aspirational brand in the online jewellery space," said Yeramilli, adding average ticket size of jewellery would be around Rs 15,000 to Rs 16,000.

The company, which claims it launches one collection every weeek, has designers in Bangalore, UK and in US. Initially the company will focus on app and then in next few months it will launch full fledged e-commerce sale.