NEW DELHI: LightBox Ventures-backed online direct-to-customer gold jewellery brand Melorra has added another offline store to its existing eight in the country. The new store has come up at the Pheonix Mall in Mumbai.
The store was launched by brand ambassador actor Shraddha Kapoor. The company said it will open 350 more stores in the years ahead but did not provide a timeline.
Last week, it started a campaign that said it was selling hallmarked gold jewellery in over 700 districts in the country. The idea was to educate Indian consumers about BIS hallmarked gold jewellery.
Hallmarking determines the purity of precious metals in jewellery or other articles. The principle objective of the hallmarking is to protect the public against adulteration in precious metal jewellery or other items.
At the launch, Saroja Yeramilli, founder and CEO of Melorra, said it was natural for the brand to have a centre in Mumbai given how women in the city are dynamic and fashionable – and the stores are also new age.
“We wanted to give them access to both the physical and online experience. We are on our way to becoming the largest lightweight and fine gold jewellery company in India,” she said.
Siddharth Talwar, co-founder and partner at LightBox Ventures that has invested in the brand, said Melorra has been a disruptor and has made gold an everyday accessory. “Now, with these physical experience centers, they have come full circle.”
Since inception in 2016, Melorra has worked in 2700 pin codes in the country. The founder said the company has been growing at 200% year-on-year and currently stands at a revenue of ₹350 crore. It recently raised $24 million in funding from 9Unicorns, Symphony Asia, Value Quest, and other family offices.
Other online precious jewellery brands operating in India include CaratLane and Bluestone, among others.
Offline retail jewellery in the country has large scale operators like Tanishq, PC Jeweller, Kalyan Jewellers and Joyalukkas, among others. Yet, the precious jewellery sector in the country remains largely unorganised. According to analysis website Statista, organised companies in India have grown from about 5% in 2005 to about 32% in 2020.
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