The New-age Jewelry Maker Saroja Yeramilli, founder and CEO of Melorra takes pride in the fact that they are a technology-first brand and has been able to use the latest innovations to enhance customer experience
By S Shanthi •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Melorra has had a digital-first approach since its inception. They always believed that direct-to-consumer (D2C) brands have to position themselves at the confluence of digital and physical to be profitable.
"Harmonised retail is the future, and brands must adapt. Covid was an emotionally taxing time, but as far as the business is concerned, it proved to be a boom. Millions of shoppers came online and the taboo of buying jewelry online had anyway reduced. People from cities as well as from small towns buy jewelry online and reduced hesitation. That's the time we thought to do much more with digital as this medium can do miracles," says Saroja Yeramilli, founder and CEO, Melorra.
The company takes pride in the fact that they are a technology-first brand and has been able to use the latest innovations to enhance customer experience. The company has raised $71 million so far, delivers across 26,000 PIN codes and has 23 experience centers in 12 cities. The Bengaluru-based startup grew its operating revenue 4.6x—from INR 78.6 crore in FY21 to INR 364.4 crore in FY22.
Melorra, claims Yeramilli, is now clocking a revenue run-rate of INR 800 crore. Melorra was founded in 2016 and claims to have witnessed a year-on-year growth of 200 per cent since then. It currently generates revenue of almost INR 360 crores. It delivers to the United Arab Emirates, the United States, the United Kingdom, and Europe and plans to continue to expand its global presence.
FACT SHEET
- Online platform resulting in maximum revenue: Own channels
- Turnover for FY 2022-23: Undisclosed
- Split between offline and online sales: 10% offline 90% online
- Year of Inception: 2016
- Team size: 450+
- Customer Repeat ratio: 4 years repeat rate 50%
- Amount of external funding raised: 71 million dollars
In addition to that, omnichannel is a natural way forward for the company. Yeramilli explains how. "We understand that offline experience centers in consonance with a digital-first approach are the best ways to connect with the country's soul and serve our target audience."
Talking about disrupting the jewelry business, she says, "All our pieces are made to order and customized in accordance with the needs and preferences of our buyers. Initially, people mocked my idea. I had to pitch to many jewelry vendors and ask them if they could design products within a week's notice. There were, however, a few who trusted me and joined the team. Today, we are proud to say that we can design jewelry in 5 days and deliver it across the country, irrespective of the design."
Melorra is expecting to achieve a 100 per cent year-on-year increase in evaluation, with a significant bottom-line impact, in the year 2023-24. It plans to open more experience centers and further expand its online presence.
