Melorra, a Bangalore based jewelry startup on Wednesday, has now announced that it has secured $12.50 million in a funding round from Symphony Asia, Alteria Capital, and Lightbox Ventures.
Some other investors who participated in the funding round include the existing and new family offices of Jeejeebhoy, Burman, and others.
The startup said the funds would 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 is operating at positive unit economics and rapidly regaining its pre-COVID-19 level revenues. This can be attributed to the fact that we are a leader in the daily wear lightweight, trendy jewellery segment. The added benefit during the pandemic is that we are available online which helps us address the customer concerns around trust and safety,” said Saroja Yeramilli, Founder and CEO, Melorra.
Saroja added, “Melorra has proved its business model and we continue to improve our offerings. Although raising capital has been tough in the market, funding in this period has re-established the investors’ belief in the business model and team.