D2C Jewellery Firm Melorra bags $16Million from Axis Growth Avenues and others
- ByStartupStory | May 19, 2022
Melorra, one of the leading direct to consumer (D2C) Jewellery brands bags $16Million from SRF family office, N+1, Axis Growth Avenues, and existing investors in the Series D funding round. The company decided to utilise these funds to strengthen its brand marketing. The company is planning to launch 40-50 new stores this year.
The company has grown 4.4 times to meet the Rs.368 crore revenue for FY 21-22and expects to earn a revenue of Rs.1000 crores in this fiscal year. Last October the company raised $24Million in funds from symphony International Holdings Ltd, 9 unicorns, Param Capital, and Venture Catalysts. So far, the firm has raised around $71Million in funds. CEO Yeramilli quoted ‘We look at raising some more capitals as part of the extended round given in the inbound interest’.
Founded by Saroja Yeramilli in 2015, Melorra provides hallmarked gold Jewellery in 718 districts and over 2800 towns across India. The firm works with a Capital efficient business model and provides the Jewellery at affordable prices.
Melorra reported a 200% growth of CAGR in the last few years and recorded revenue of more than Rs.3060 crore in FY 21-22
The firm aims to reach the target of $1Billion in revenue by FY26 by consolidating online leadership strength and expanding its offline footprint. Recently it started delivery to UK, Singapore, UAE and US
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