Melorra, the online jewelry startup raises $5 million funds from Lightbox ventures
Mumbai, India | Red Newswire | Jan 8, 2015 Last Updated at 12:30 PM IST.
The online jewelry statup, Melorra has obtained $5 million fund from Lightbox Ventures today. The portal is owned by August jewelry Pvt. Ltd and is currently available for iOS platform. The company plans to launch Android app by February.
The Bengaluru-based startup will launch its online portal by March. Saroja Yeramilli, CEO of Melorra said that they will be using funds to hire talent, branding and updating its technology.
Yeramilli says, “Our vision is to develop a brand for the millennial generation. The precious and high-end jewellery market has not changed at all in years. The designs are not relevant for a modern woman’s wardrobe.” She has previously worked with Kaya, Titan and Dell.
Yeramilli said that the 80% of the women have western wardrobe and Melorra seeks to cater to this segment. The company said though its building an online brand, it won’t hesitate from opening an offline store if needed be. Yeramilli said, “We will be there where the young Indian women are.”
According to the company’s stats, the indian jewelry arket is third largest in the world.
Siddharth Talwar, partner at Lightbox Ventures said, ““Jewellery largely has been traditional and the industry has not evolved with the evolving woman’s fashion in the country. Melorra is looking to change that. The problem with offline brands is distribution and for online brands distribution is a headache; Melorra is trying to solve that problem with technology. Also offline brands have not been able to do something on low-price points.”
This is the first seed investment Lightbox has ever made in a startup. It has previously invested in Faasos, Furlenco and Droom.
Founded by Yeramilli and R. Krishnakumar, Melorra targets women in the age group of 18-40 years. It offers fine jewelry in gold, coloured stone and diamond with an average selling price of Rs. 16,000.
The company has an in-house team of designers from India, UK and US. The company has tied up with Sequel Logistics for product delivery. The production takes place in its two warehouses in Mumbai and Jaipur. Presently it has 40 employees.