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How to play football

How to play football

time:2022-05-19 How to play football Views:4550

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Online jewellery startup Melorra has raised US$ 12.5 million capital to invest in technology and branding to achieve a fourfold growth in revenue in the next 18 months.

According to a PTI report: The company is bullish on online jewellery demand as customers continue to hesitate to visit physical stores in the wake of the COVID-19 pandemic, Saroja Yeramilli, Founder and CEO, Melorra said.

“The fresh US$ 12.5 million capital will help invest in technology, branding and hiring,” she told PTI.

The company, which sells contemporary lightweight jewellery, had clocked a revenue of Rs 100 core in the last fiscal.

“We will achieve a fourfold revenue growth in the next 18 months and become EBITA positive by this time frame as we are making money from each transaction,” she said.

The startup firm is gearing up for launching a campaign to promote its brand after raising the fresh capital in the Series-C round.

So far, the company has raised US$ 36.5 million capital in total.

Yeramilli, who launched the startup firm in 2016, said gold comprises almost 85 percent of the jewellery market and 50 percent of its orders come from smaller towns and cities.

Inspired by the international fashion trends, the company is targeting millennials by offering them lightweight jewellery for daily use, she said.

“We launch new ranges very quickly and manufacture a product only when an order is received. We don’t keep inventory.

“With the help of 3D printing technology our mould cost is also negligible,” Yeramilli added.

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Q4 FY21 revenue grew by 14% with marginally positive like-to-like store sales. This was driven by strong recovery across the channels and increased footfalls in the stores. It was further aided by continued traction in the online channel, the company said in its earnings statement.

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V-Mart Retail Ltd., India’s leading value fashion retailer, has reported a full-year income of Rs 1,097 cr for FY21, a recovery of 66% YoY, in a challenging Covid-19-impacted year.

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The company works closely with global sustainability focussed organizations like Sustainable Apparel Coalition (SAC), Canopy, Zero Discharge of Hazardous Chemicals (ZDHC), Changing Markets Foundation, Textile Exchange, WBSCD, Fashion for Good, Global Fashion Agenda, amongst others to continually apply best practices in its global operations and across its value chain.

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Strong sales growth coupled with efficient cost management enabled the company to deliver 98% growth in EBITDA for continuing business at Rs 97 cr in Q4 FY21 compared to Rs 49 cr in the corresponding quarter of FY20.

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The sportswear segment in India, like many other fashion segments, is undergoing a remarkable change of perception as well as evolution. A noticeable change in the Indian sportswear industry is that it’s becoming increasingly organised; and modern retail is picking pace in small cities too, much to the delight of brands, suppliers and retailers of sportswear and sports lifestyle products.

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