LONDON: Symphony International Holdings, a London listed strategic investment company, announced an investment in August Jewellery Pvt Ltd, the holding company for online gold fast-fashion jewellery brand, Melorra.
The US$12.5 million funding round, led by Symphony, included investments from Lightbox Ventures, Alteria Capital, and certain family offices from India, Singapore & Indonesia.
Melorra is a designer and manufacturer of lightweight, trendy gold jewellery designed for daily wear, with the Indian millennial female as its target market. An online only retailer, Melorra’s products are priced at an average of about INR 35,000 (approximately US$470), making them an affordable purchase for the demographic. The company plans to open a limited number of offline “Experience Centres” in the near future.
This round of funding will go toward technological and product innovation as well as brand marketing, to position Melorra as the fashion jewellery brand of choice in India
Anil Thadani, Chairman of Symphony’s Manager, said: “Melorra is transforming the fast fashion jewellery segment in India and has established a strong brand in a short period of time. The company’s focus on being the leader in everyday fine fashionable jewellery for millennial women, and its disruptive business model stands out in the Indian e-commerce space. We are excited to partner with Saroja Yeramilli and her team as they continue to grow the business going forward.”
Symphony International Holdings Limited (LSE:SIHL) is a London listed strategic investment company that invests in consumer related businesses, primarily in the healthcare, hospitality, lifestyle (including branded real estate developments), logistics and education sectors predominantly in Asia. It offers a way for investors to gain exposure to rising disposable incomes and wealth in fast growing economies. Symphony’s objective is to provide superior capital growth by investing in high quality companies and form long-term business partnerships with talented entrepreneurs and management teams. Symphony’s investment team has a broad range of expertise – many of its professionals have been working in Asia for more than 30 years.