Online jewellery startup Melorra has raised US$ 12.5 million capital to invest in technology and branding to achieve a fourfold growth in revenue in the next 18 months.
According to a PTI report: The company is bullish on online jewellery demand as customers continue to hesitate to visit physical stores in the wake of the COVID-19 pandemic, Saroja Yeramilli, Founder and CEO, Melorra said.
“The fresh US$ 12.5 million capital will help invest in technology, branding and hiring,” she told PTI.
The company, which sells contemporary lightweight jewellery, had clocked a revenue of Rs 100 core in the last fiscal.
“We will achieve a fourfold revenue growth in the next 18 months and become EBITA positive by this time frame as we are making money from each transaction,” she said.
The startup firm is gearing up for launching a campaign to promote its brand after raising the fresh capital in the Series-C round.
So far, the company has raised US$ 36.5 million capital in total.
Yeramilli, who launched the startup firm in 2016, said gold comprises almost 85 percent of the jewellery market and 50 percent of its orders come from smaller towns and cities.
Inspired by the international fashion trends, the company is targeting millennials by offering them lightweight jewellery for daily use, she said.
“We launch new ranges very quickly and manufacture a product only when an order is received. We don’t keep inventory.
“With the help of 3D printing technology our mould cost is also negligible,” Yeramilli added.