Just within a week of launching operations, Bengaluru-based online jewellery brand Melorra.com has raised USD5 million (about Rs. 33 crore) from Lightbox Ventures. The round of funding makes this one of the largest early seed rounds raised by an Indian startup.
Founded by former Titan Industries and Dell senior executive Saroja Yeramilli and R Krishnakumar, the brand caters to modern Indian women by developing, designing and retailing contemporary jewellery through a mobile platform.
“We are keen to disrupt the online jewellery market, which is still nascent here. It accounts for merely 0.1 per cent of jewellery sales in the country,” Saroja Yeramilli, founder and Chief Executive of Melorra.com told PTI.
Bangalore-based August Jewellery Pvt Ltd, which runs Melorra, has entered the market with an app-first strategy and will launch its website in March. As of now, it has launched an app for the iOS platform.
The company follows an order-based inventory model and outsource its supply chain and delivery to Sequel Logistics that handles high security deliveries. Once an order is placed, the delivery of jewellery takes 5-7 days.
“A few years back, nobody thought online apparel sales would take off here, but it’s among the fastest moving e-commerce propositions today. We expect online jewellery will also go through a similar cycle and we want to build a good brand in the space,” Yeramilli added.
Melorra competes with existing online jewellery retailers such as Bluestone, Caratlane, Voylla, among others.