Bengaluru-based jewellery brand, Melorra on Wednesday said it has raised USD 12 million funding from VC Lightbox, BlackSoil Capital and family offices of some of the leading business houses.
These include Ravi Sheth, Great Eastern Shipping Company; the Burmans of Dabur; Rainmaker Ventures and the Jeejeebhoy family office, it said in a statement.
The daily-wear gold jewellery brand, which started operations in 2016, had earlier raised USD 12 million from Lightbox bringing the total funding to USD 24 million.
The Series C funding will be used to improve Melorra's technological capabilities, increase brand visibility and expand its employee base, the statement said.
Melorra Founder and CEO, Saroja Yeramilli, claimed that Melorra is the only brand offering over 5,000 jewellery designs inspired by recent fashion trends from Milan and Paris and bringing them to Indian cities.
"We are filling a need gap by bringing to the millennial woman fine jewellery that doesn't get confined to any occasion," she said, adding, Melorra's aim is to become the country's largest daily-wear fine jewellery brand.
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The statement said the brand has recorded a year-on-year growth of 400 per cent in 2018-19.
Melorra would be a Rs 400 crore revenue company in 2020-21 and is on the fast-moving track to profitability, it added.
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