Online jewellery startup Melorra aims nearly five times jump in its revenue at Rs 40 crore in the current fiscal on bullish demand from non-metro cities, Saroja Yeramilli, Founder and Chief Executive said Tuesday.
According to a PTI report: The company, which sells contemporary lightweight jewellery in gold, diamond and coloured stones, had clocked a revenue of Rs 8.5 crore in the first year (2017-18) of its business, she added.
“Much of the demand is coming from non-metro cities. We are getting orders from smaller cities and adding 100 new cities for delivery every month. We expect our revenue to touch Rs 40 crore this fiscal,” Yeramilli told PTI.
With rise in Internet and smart phones users, the company expects revenue to touch Rs 100 crore mark in the next fiscal and start making profits from 2021 onwards, she said.
The company’s unique selling point is affordable rates, modern designs and quality of gold and diamonds from recognised agencies, she added.
That apart, the Bengaluru-based company does not carry any inventory as it makes gold jewellery on order and delivers to customers with a return policy in 30 days and lifetime exchange of jewellery at prevailing rates of gold.
On investment plans, Yeramilli, who had once headed sales division at Tata group jewellery brand Tanishq, said the jewellery start-up has already raised US$ 12 million from a venture capitalist, out of which US$ 8 million has been spent on the business.
“We still have funds. We will invest that and later look for more funds. Funding has not been a problem. Investors are keen to invest in our company,” she further told PTI.
Asked if the company would go offline, Yeramilli was quoted by PTI as saying, “There are no plans to set up retail outlets. Melorra is an internet brand and it will remain like that.”
With 100 employees recruited at present, the company plans to expand its marketing and technology division to cater to the growing online customers, she added.