Melorra allots Rs. 365 crore to escalate its massive expansion in India
By Retail4Growth Team | Retail4Growth Team | January 06, 2021
Melorra has raised $12.50 million in a funding round led by Symphony Asia, Lightbox Ventures, Alteria Capital and many other companies that will be used to establish 350 outlets in metro cities and small towns in a span of six years.
The jewellery brand Melorra prepares for a massive expansion and has allocated Rs. 365 crore to open more stores and fortify its offline presence throughout the country. The brand is on a look out to establish 350 outlets in metro cities and small towns in a span of six years.
Melorra has recently raised $12.50 million in a funding round led by Symphony Asia, Lightbox Ventures, Alteria Capital and many other companies that will be used to brace the expansion. The expansion plans have been initiated with the opening of its first experience outlet in Bengaluru. It will be followed by store openings in other metro cities like Delhi in January and Mumbai in the next six months, as per the company.
Saroja Yeramilli, Founder and CEO, Melorra, said in an interview, “We expect about 55-60 percent of our topline to come from these 350 experience centres in the next six years. And expect to clock Rs 100 crore in FY21 and Rs 430 crore in FY22. Since 2016, Melorra has delivered to over 1900 towns in the country, from villages with a population of less than 10,000 to cities with a population above one million.”