Mobile-only jewellery e-tailer Melorra raises $5M from Lightbox
Online jewellery retailer Melorra has raised $5 million (around Rs 33.4 crore) from venture capital firm Lightbox Ventures.
The funds will be utilised to develop the company's technology, marketing and acquiring talent.
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.
"We shall launch the Android app version in about two weeks from now," says Saroja Yeramilli, founder of Melorra.
Yeramilli has been working in the retail and fashion industry for over two decades working with brands such as Tanishq of Tata and Kaya of Marico. She had led the launch of Tanishq brand in the US market.
Melorra, which was founded early this year, competes with existing online jewellery retailers such as Bluestone, Caratlane and Voylla but Yeramilli insists that Melorra differentiates itself with its trademark modern designs. "We will design the jewellery based on the clothes in trend these days and not vice versa. Also, our designs are heavily focused on western attire," she said.
The company has a team of 40 employees consisting of senior executives, design team members across the US, the UK and India, besides marketing, technology, fashion and style experts.
Melorra will use colour stones apart from diamonds and will largely sell 14-carat gold jewellery.