Lab-grown diamond maker Jewelbox bags $3.2M to fuel retail expansion
Jewelbox plans to use majority of its fundraise for its offline expansion as it aims to reach 30 stores by the end of this year.
Omnichannel lab-grown diamond player Jewelbox raised $3.2 million in its pre-Series A round to fuel its retail expansion.
The round was led by V3 Ventures, along with participation from Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, and existing investor JIIF.
The Shark Tank-famed startup plans to allocate the majority of its funds towards retail expansion. It is currently present across eight locations and targets 30 stores by the end of this year.
A portion of funds is also expected to be used to strengthen its brand-building efforts and to build its team. It plans to hire key managerial positions from the retail segment and in trade.
“At V3 Ventures, we’re excited about the potential of lab-grown diamonds to truly democratize access to luxury in India. Less than 6% of Indians own diamonds today,” says Arjun Vaidya, Co-founder and Managing Partner at V3 Ventures. “What impressed us most about Jewelbox is the team’s ability to execute flawlessly across online and offline channels, even outside their home markets.”
The Kolkata-based company was founded by siblings Vidita Kochar and Nipun Kochar in 2022. It closed the previous financial year with an ARR of Rs 38 crore and has a target to cross Rs 180 crore this year while maintaining its profitability.
Lab-grown diamonds, also known as man-made diamonds, are manufactured by replicating geological processes in a laboratory on a graphite chip or diamond seed.
"Lab-grown diamonds are part of an industry that's still in the making. More players will enter and try to capture market share, but the right to win depends on two key factors. One is how much trust and credibility you can build around the brand, because people buy from players they trust—those with customer-friendly policies, good service, and a strong overall experience. The second is reaching consumers where they are and being present across multiple touchpoints," Vidita Kochar Jain, Co-founder, Jewelbox tells YourStory.
The lab-grown diamond space has attracted strong investor interest, with several players securing funding, prompting significant competition.
In March, Firefly raised $3 million in a seed round led by WestBridge Capital. Just a month earlier, Solitario Lab Grown secured $3.6 million in its pre-IPO round. Around the same time, COLUXE, founded by Kalaari Capital's Priyanka Gill, raised seed funding, while Limelight bagged $11 million in investment. The space has also attracted interest from bigger players like GIVA, Senco Gold, Tata, and Augmont, among others.
Edited by Kanishk Singh