ETtechMumbai: Melorra, a direct-to-consumer (D2C) jewellery brand, has raised $16 million from Axis Growth Avenues, SRF Family Office, N+1 and existing investors, in the first leg of its Series D round.
The funding includes $14 million in equity and $2 million in debt.
It has raised around $71 million so far.
The company said it will use the funds to strengthen brand marketing activities and to roll out more offline stores across the country. “We plan to open around 40-50 new stores this calendar year,” said Saroja Yeramilli, the founder and chief executive of Melorra.
According to Yeramilli, the company has grown 4.4x times to touch Rs 368 crore in revenue for the financial year ending March 31, 2022. “We expect to get close to the Rs 1,000 crore revenue mark in the current fiscal,” she told ET. “We will look at raising some more capital as part of the extended round given the inbound interest.”
Founded in 2015, Melorra delivers hallmarked gold jewellery to 718 districts in India and more than 2,800 towns. The brand is redefining gold jewellery as an affordable, lightweight and fashionable category for everyday wear.
“Ours is a very capital efficient business model and we do not need a lot of capital to run the business,” Yeramilli said.
The funding includes $14 million in equity and $2 million in debt.
In October 2021, the company raised $24 million from 9Unicorns, Symphony International Holdings Ltd, Value Quest, Venture Catalysts and Param Capital.
It has raised around $71 million so far.
The company said it will use the funds to strengthen brand marketing activities and to roll out more offline stores across the country. “We plan to open around 40-50 new stores this calendar year,” said Saroja Yeramilli, the founder and chief executive of Melorra.
According to Yeramilli, the company has grown 4.4x times to touch Rs 368 crore in revenue for the financial year ending March 31, 2022. “We expect to get close to the Rs 1,000 crore revenue mark in the current fiscal,” she told ET. “We will look at raising some more capital as part of the extended round given the inbound interest.”
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Founded in 2015, Melorra delivers hallmarked gold jewellery to 718 districts in India and more than 2,800 towns. The brand is redefining gold jewellery as an affordable, lightweight and fashionable category for everyday wear.
“Ours is a very capital efficient business model and we do not need a lot of capital to run the business,” Yeramilli said.
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