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Net based Jewellery Start Up Melorra Receives US$5 mn Seed Funding from LightBox Ventures

Jan 08, 2016

A new jewellery start-up, the Bengaluru based Melorra, has received an investment of US$ 5 million from Mumbai-based venture capital firm LightBox Ventures. The seed funding will help in various areas such as acquiring talent, brand building and its technology advancement, the company said.

Reports say that this is one of the largest amounts of seed funding in the country as amounts of this magnitude are usually raised at the Series A stage. Details of the first round of capital that the start up received have not been made public.

Melorra is run by August Jewellery Pvt Ltd. and currently is only available on the iOS platform. It plans to add an Android app soon and launch its online portal within the next few months.

Melorra deals in diamond, coloured stone, gold and fine jewellery with an average selling price of Rs.16,000 and targets women in the 18-40 age group. The company was started by Saroja Yeramilli, currently also CEO and R.Krishnakumar. The former has been associated with brands like Kaya and Titan during her two decade long career, while the latter has also worked with Titan, Arind and Mahindra Retail.

Yeramilli says that Melorra aims to develop a brand for the millennial generation and make available designs that are more relevant to the modern woman’s wardrobe.

Melorra is not a jewellery aggregator, and has its own in-house designers based in India, the US and the UK. Production is carried out in India, while deliveries are through Sequel Logistics. The company has two warehouses in Jaipur and Mumbai.

Siddharth Talwar, co-founder and partner at Lightbox said that Melorra aims to ensure that jewellery keeps pace with the rapid evolution of women’s fashion in India.

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