Lightbox commits $5m to Indian online jeweler Melorra
Lightbox Ventures has invested $5 million in Indian online jewelry retailer Melorra.
The company will use the funds to attract new talent, promote its brand and improve its technology offerings. One of its highest priorities is to expand to new platforms; currently Melorra is only available through an iPhone app, but it plans to add an Android app by the end of January and to open its web portal in March.
This is the first seed investment for Lightbox, which focuses on early-stage commitments to technology-focused start-ups. In a blog post, Lightbox co-founder and partner Siddharth Talwar said the firm decided to invest based on the company's innovative approach to jewelry and fashion, and its founder Saroja Yeramilli's experience in the industry.
Melorra's business model is based on offering consumers an alternative to other online jewelers, which display items in isolation and emphasize objective assessments such as gold or gemstone quality. The company is betting that consumers will respond more to its approach, which attempts to create an emotional experience similar to that of shopping in an offline jewelry store.
Several other online jewelry retailers have raised funds in the last year, including BlueStone, which raised INR100 million ($16 million) from a consortium including Accel Partners, IvyCap Ventures and Dragoneer Investments, and Voylla, which received $15 million from Peepul Capital. Like its competitors, Melorra employs its own designers; it describes its designs as primarily intended to complement contemporary western women's fashions, which are increasingly popular in India.
Lightbox's investment came from its second fund, which closed in 2014 at INR6.1 billion. Other investments from the fund include a $20 million Series B round that it led last year for tech-enabled quick service restaurant chain Faaso's Food Service.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.