Total amount raised
$78.4 Millions
Latest funding date
5/1/2022
Location
Melorra has successfully raised funds through multiple rounds, with its latest being a Series D round. The company is backed by a diverse group of 25 investors, including notable names like SRF Limited and Axis Growth Avenues AIF - I.
Keep reading to explore the intricacies of Melorra's fundraising journey and the investors backing this innovative jewelry brand.
What Is Melorra?
Melorra, founded in 2016 by Krishna Kumar and Saroja Yeramilli, is a jewelry brand based in Bengaluru, Karnataka, India. The company specializes in designing and retailing trendy, lightweight gold and diamond jewelry inspired by global fashion trends. With a workforce of 251-500 employees, Melorra focuses on creating affordable and stylish jewelry for everyday wear.
How Much Funding Has Melorra Raised?
- Seed Round
- Amount Raised: $5M
- Date: January 2016
- Lead Investors: Lightbox
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the brand and establish initial operations.
- Venture Round
- Amount Raised: $12M
- Date: October 2019
- Lead Investors: Lightbox
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and scale operations.
- Debt Financing
- Amount Raised: ₹660M (approximately $8.9M)
- Date: September 2020
- Lead Investors: Shadows Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and growth initiatives.
- Venture Round
- Amount Raised: $12.5M
- Date: September 2020
- Lead Investors: Alteria Capital, Lightbox, Symphony International Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in tech infrastructure and expand market reach.
- Series B
- Date: September 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance product lines.
- Series C
- Amount Raised: $24M
- Date: October 2021
- Lead Investors: 100Unicorns, Param Capital, Symphony International Holdings, ValueQuest Investment Advisors, Venture Catalysts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in tech infrastructure, brand marketing, and expanding offline stores.
- Debt Financing
- Amount Raised: $2M
- Date: May 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and growth initiatives.
- Series D
- Amount Raised: $14M
- Date: May 2022
- Lead Investors: Axis Growth Avenues AIF-I, SRF Family Office, N+1
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen brand marketing activities and roll out more offline experience centers.
Total Amount Raised: $88.4M. Current Valuation: Not publicly disclosed.
Key Investors
- Axis Growth Avenues AIF-I
- Details: Axis Growth Avenues AIF-I is a fund managed by Axis Asset Management Company. It focuses on investing in high-growth potential companies.
- Investment Focus Areas: Growth-stage companies, diverse sectors.
- Notable Investments: Not publicly disclosed.
- SRF Family Office
- Details: The SRF Family Office is the investment arm of the SRF Group, a multi-business entity engaged in manufacturing industrial and specialty intermediates.
- Investment Focus Areas: Startups, established businesses, diverse sectors.
- Notable Investments: Not publicly disclosed.
- N+1
- Details: N+1 is a private equity firm that invests in various sectors. It provides financial advisory and investment services.
- Investment Focus Areas: Private equity, diversified investments.
- Notable Investments: Not publicly disclosed.
- Lightbox
- Details: Lightbox is a venture capital firm that focuses on investing in early to growth-stage startups. It has been a consistent investor in Melorra since its seed round.
- Investment Focus Areas: Technology, consumer goods, e-commerce.
- Notable Investments: Rebel Foods, Furlenco, Dunzo.
- Symphony International Holdings
- Details: Symphony International Holdings is an investment company that focuses on long-term investments in high-growth sectors.
- Investment Focus Areas: Consumer goods, healthcare, hospitality.
- Notable Investments: Minor International, Parkway Life REIT, IHH Healthcare.
What's Next for Melorra?
Melorra's future is brimming with opportunities. With a recent $16 million Series D funding round, the company is poised to expand its offline experience centers across India and strengthen its brand marketing activities. The goal is ambitious: reaching $1 billion in revenue by FY 26. This growth trajectory is supported by a 200% CAGR and a current revenue of over Rs 360 crore in FY 22.
Future fundraising seems inevitable as Melorra continues to scale. The company is already in discussions with foreign private equity investors to raise an additional $40 million. This capital will likely fuel further international expansion and technological advancements, solidifying Melorra's position in the global market.
However, challenges loom. Competition from established brands like Bluestone and CaratLane, managing logistics for international deliveries, and maintaining product quality are significant hurdles. Yet, with its innovative business model and strong investor backing, Melorra is well-equipped to navigate these challenges and continue its upward trajectory.
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