Melorra, a new online jewellery retailer, has raised seed funding worth $5 million from Lightbox Venture’s second fund. Melorra was founded by Saroja Yeramilli last year and plans to use the funds for its technology platform, marketing and hiring.
According to an ET report, the company currently has 40 employees and claims to work with 10 jewellery manufacturers across the country. It also states that Melorra has office and warehouses in Mumbai and Jaipur. The company currently has an iOS app and plans to release an Android app this month, aimed at the millennial urban Indian woman.
Developments in the online jewellery sector:
– In December, Delhi based online jewellery store Fourseven raised Rs 3 crore in a round of funding from Indian Angel Network to expand its team, increase its product range and invest in technology.
– In October, online jewellery store Voylla raised $15 million in a fresh round of funding from Peepul Capital. Voylla manufactures self branded jewellery and sells it via its own web portal, over 30 other online marketplaces and 3 of its own physical stores. In October 2014, Voylla had said that it would open 10 brick and mortar stores across the country by the end of the year, however, as of October 2015 it seemed to have only 3.
– In July, online jewellery store BlueStone raised $16 million in a round of funding from Ivy Capital, Dragoneer and participation from existing investors Accel Partners, Kalaari Capital and Saama Capital. It had previously raised an undisclosed amount from Ratan Tata in September 2014, $10 million in March 2014, and $5 million in January 2012.
– In January last year, Chennai-based online jewellery store CaratLane raised $31 million in a Series D round of funding from existing investor Tiger Global, which also became a majority stakeholder in the company. Previously, CaratLane had raised $15 million in a Series C funding round from Tiger Global in May 2013 and $6 million from the same investor in June 2011 and Rs 30 crore in March 2012, taking the total investment to $58 million till now.
– In 2012, the Gitanjali Group launched Jewelsouk, a jewellery platform at the Mumbai International Terminal, offering national and international jewellery brands. It planned to expand across cities and towns and also launched an online portal for shopping. It also has Gitanjalishop.com (which was opened in partnership with Times Internet’s Indiatimes Shopping).
– Berlin-based online fashion jewellery company Juvalia & You launched its Indian operations in June 2012.