D2C Jewellery Brand Melorra likely to Raise USD 40 Million From Axis AIF, Norwest
- ByStartupStory | April 28, 2022
Leading Indian D2C jewellery brand Melorra is discussing with a new set of investors to raise a fresh round of funding. The startup is looking to close a funding round of nearly USD 40 Million at a $400 million valuation.
According to sources, the startup is in talks with some foreign private equity companies, such as Norwest Ventures, to lead the fresh round.
The source said, “They are actively in talks with Norwest Ventures along with other foreign investors to lead the round. They have been receiving a lot of interest lately and will soon finalise the deal,”
The funding round will include participation from Capri Global and Axis’ Alternative Investment Fund. Mellora’s regulatory filing indicates that it has already received $12.5 Mn from Axis Growth Avenue, SRF Transnational Holdings, Capri Global, and Suchi Kothari – one of the early investors.
Melorra’s new round will be a mix of debt and equity, just like the previous round. Existing investors such as 9Unicorns, LightBox, and Symphony Asia will also participate in the funding round.
The fresh funding round is going to take place almost 6 months after the startup raised $24 Million from Symphony Holdings Private Limited, Value Quest, Param Capital, 9Unicorns, and some family offices.
Mellora was founded in 2016 by Saroja Yeramilli, and the Bengaluru-based startup offers daily-wear gold jewellery. The startup sells “trendy and lightweight” jewellery that goes well with minimalism and is currently eyeing a revenue of $1 Bn in the next 5 years.
Since its inception in 2016, Mellora has delivered hallmarked gold to all 718 Indian districts. The startup has also delivered to more than 2,700 towns in India so far and claims to have clocked more than 200% year-on-year growth.
The Jewellery startups’ total revenue dropped to INR 79 Cr in the financial year ending March 31, 2021. The startup had secured a total revenue of INR 89.9 Crore in FY20. Melorra’s main competition includes Nykaa-owned Pipa. Bella, JewelMaze, and Voylla, among others.
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