Funding story
App-only jewellery startup Melorra, which specializes in providing a huge range of products to interested consumers, recently received a huge boost thanks to a funding worth $5 million raised from venture capital firm Lightbox Ventures.
About Melorra
Melorra seeks to use the raised funding to enhance its technological base and hire new talent. The latter is highly crucial for ensuring a bright long-term future for every startup. Melorra is owned and operated by August Jewellery Pvt. Ltd. Founded by Saroja Yeramilli and R.Krishnakumar, the startup will soon be using this, and other fundings for rapid expansion. Plans are afoot to launch the Android app by the end of the month, as well as to roll out an online portal by March.
According to Saroja, Melorra seeks to create a brand which can enthuse millennials, with their primary target being women aged between 18 and 40. The startup seeks to make use of little brand movement over the past few years, and it seeks to create exciting high-end wardrobes which are relevant to modern tastes. Saroja, an experienced veteran of Titan and Kaya, is best placed to revolutionise the millennial woman’s wardrobe. The startup’s primary focus will be on western attire since it is the segment which is most in demand.
The startup currently employs 40 personnel, and its in-house design team is based in India, the US and the UK, however, production occurs only in India. It has also roped in Sequel Logistics to ensure on-time delivery of its products. It also operates 2 warehouses in Jaipur and Mumbai.
Our views
The jewellery segment has grown rapidly in India, and the tastes of the average Indian has also diversified. The market is currently pegged at Rs. 251,000 crore, and is likely to reach to Rs.500,000 crore soon. Melorra’s innovativeness and well-framed use of tech is likely to keep it ahead of its rivals in this segment, which include the likes of CaratLane and Bluestone.
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