Saroja Yeramilli: Defying the Odds to Shine in the Jewelry Industry

In June 2015, Saroja Yeramilli embarked on a new journey as a first-time founder, determined to disrupt the traditional jewellery industry with her venture, Melorra. Armed with a stellar corporate background spanning 25 years and a vision to make jewellery playful, comfortable, and trendy, Saroja believed her illustrious past would pave the way for her start-up’s success. However, she received a reality check that challenged her assumptions.

Saroja reached out to an investment banker friend to discuss the possibility of raising funds for her fledgling venture. To her surprise, her friend laughed at her proposal, pointing out the absence of a revenue stream, a product, or proof of concept in her business plan. He advised her to abandon the idea, deeming it impossible. This encounter left Saroja pondering the worth of her decades-long corporate career. Five years later, Melorra faced a severe setback due to the COVID-19 pandemic. With the country under lockdown, jewelry, a discretionary purchase, saw its revenue plummet to zero in May 2020. Saroja found herself in a precarious financial situation and had no option but to seek potential investors during the peak of the pandemic.

Securing funding during these challenging times was far from easy. Venture capitalists found Saroja’s vision surreal, questioning her audacious plans amidst a crisis. Many asked, “Who will buy gold when people aren’t even buying clothes?” Saroja remained resolute in her optimism, boldly stating her intent to turn Melorra into a $100-million company within two years. Unfortunately, this ambitious claim found no takers. Over the next few months, Saroja pitched her startup to over 150 investors worldwide. Despite varying meeting durations and changing VC profiles, the outcome remained consistent—rejection. Finding backers who could understand her business proved even more challenging. She often pitched to a demographic that was not the direct consumer, leaving her frustrated. Her attempts to connect with women VCs also yielded no results.

Despite the numerous rejections, Saroja persevered. She adopted a unique coping mechanism—rewarding herself with a glass of wine for each rejection. The founder remained undeterred, finding motivation in the word ‘impossible.’ For Saroja, it was her “Red Bull moment,” fueling her with the energy to prove doubters wrong. In 2016, Saroja encountered another ‘impossible’ challenge. She sought to create stylish, casual, and trendy jewelry in just one week, aiming to establish Melorra as the ‘Zara of Jewelry’ by launching a new collection every week. Manufacturers scoffed at the idea, emphasizing the lengthy production time typically required for jewelry. Saroja was undeterred, determined to demonstrate the art of the possible. Just one week after launching operations in January 2016, Melorra secured an impressive $5 million investment from Lightbox, setting a record for the largest seed round in India. This achievement was solely based on a laptop, a PowerPoint presentation, and Saroja’s vision. It took Sid Talwar, a partner at Lightbox Ventures, over five months of meetings with Saroja to grasp the intricacies of the jewelry industry. What intrigued Talwar was Saroja’s deep understanding of the market and her ability to convey complex concepts in a simple manner.

Fast forward to March 2023, and Melorra has achieved remarkable success. The startup has raised $71 million, expanded its delivery reach to 26,000 PIN codes, established 23 experience centers in 12 cities, and garnered support from various investors. Operating revenue skyrocketed from ₹78.6 crore in FY21 to ₹364.4 crore in FY22, with a current revenue run rate of ₹800 crore. Despite the odds, Saroja Yeramilli’s journey with Melorra has been a testament to her resilience and determination. She has defied gender biases, overcome prejudices, and shattered fallacious perceptions to become a leading figure in the jewelry industry. Her story serves as an inspiration for aspiring women founders, highlighting the importance of unwavering confidence and relentless pursuit of one’s vision. As a woman founder, Saroja acknowledges that women often face questions about balancing their professional and personal lives. However, she believes that women possess a natural talent for multitasking, which, when combined with a shift in traditional mental conditioning, can empower them to succeed. Saroja encourages women to embrace traits like assertiveness and even aggression when necessary, challenging outdated stereotypes.

In conclusion, Saroja Yeramilli’s journey with Melorra is a remarkable tale of determination, resilience, and unwavering confidence. Her ability to turn ‘impossible’ challenges into opportunities has propelled Melorra to incredible heights, making her a trailblazer in the jewelry industry and an inspiration for women entrepreneurs worldwide.