Online jewellery start-up Melorra raises $5 million from Lightbox Ventures

BANGALORE: Melorra, an online jewellery brand, has raised $5 million from venture capital firm Lightbox Ventures.

Melorra, run by August Jewellery Pvt. Ltd, is currently available only on iOS and is expected to roll out an Android app by the end of this month. The Bengaluru-based start-up, which managed to raise its first round of capital in stealth mode, is expected to launch its online portal by March.

The company will be using the funds to attract talent, build its brand and enhance its technology platform, said Saroja Yeramilli, co-founder and chief executive at Melorra to Mint Newspaper.

“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,” said Yeramilli, who has over two decades’ experience in organized retail, having worked with brands such as Titan, Kaya and Dell.

Yeramilli said 80% of an urban Indian woman’s wardrobe is western attire and Melorra wants to cater to that segment. Though the company is at present focusing on building an online brand, it won’t shy away from having offline presence if required in future. “We will be there where the young Indian women are,” said Yeramilli.

According to the company, the fine jewellery market is currently pegged at about $8–10 billion. The Indian jewellery market is estimated to be over $60 billion and is the third largest in the world.