Melorra, a Bengaluru-based jewellery startup, on Wednesday announced that it has raised $12.50 million in funding from Symphony Asia (one of Asia’s first private equity firms), Lightbox Ventures and Alteria Capital. Others who participated in the round included existing and new family offices of Burman, Jeejeebhoy and others.
The startup said the funds will be used for technological innovations, product innovations, and marketing to grow the brand awareness and position Melorra as the choice of a new generation.
Melorra has been into the lightweight gold jewellery segment ever since it started operations in 2016. The company claims that it has been recording accelerated growth in order value and numbers ever since the lockdown was lifted. The brand has witnessed a 4X increase in both organic and direct traffic compared to last Diwali and the ASP (average selling price) has grown by 40 percent compared to pre-Covid levels, it said.
With 160 employees currently, Melorra also added that it has delivered to over 1700 towns in the country and made its mark everywhere – from cities with a population of less than 10,000 to those above 1 million.
The company’s last fundraise was in October 2019, and it has raised a total of $36.5 million till date, including the current round.
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