Lucira raises $5.5M in seed funding Led by Blume Ventures

Lucira Jewelry has raised $5.5 million in seed funding, which the company said is the largest seed round to date for a jewelry startup in India. The round was led by Blume Ventures and Spring Marketing Capital, with participation from SiriusOne Capital Fund and several individual investors, including the founders of Dot & Key, Livspace, Snitch, and Bewakoof.

Founded by Rupesh and Vandana Jain, Lucira focuses on design-led fine jewelry made with lab-grown diamonds and recycled gold. Rupesh Jain previously founded Candere, an online jewelry platform acquired by Kalyan Jewellers in 2017.

Lucira said it plans to use the funding to open new retail stores, expand its design studio, and invest in technology and hiring. Its first retail store is expected to open in Mumbai this month, with four more flagship stores planned by the end of FY2026.

“Indian consumers are moving beyond buying jewelry only for investment,” said Rupesh Jain, co-founder of Lucira. “They are seeking design, authenticity, and a brand they can connect with.”

The company currently offers over 1,000 customisable lab-grown diamond designs, certified by IGI, GIA, SGL, or BIS, and provides lifetime exchange and buyback guarantees.

Blume Ventures managing partner Karthik Reddy said Lucira’s strategy combines digital shopping experiences with physical retail, adding that Jain’s prior experience in the sector informed their investment.

Cumulative Ventures advised Lucira on the transaction, while Novolex served as its legal counsel.

Jewellery space heats up

Several other jewellery startups in India have raised capital in recent months, signalling rising investor interest in the segment, particularly around lab-grown diamonds and demi-fine jewellery.

Aukera, a lab-grown diamond brand, raised $15 million in growth capital from Peak XV Partners. The company said it will use the funds to expand its retail footprint, strengthen its product lineup, and invest in design, merchandising, and omnichannel capabilities.

Firefly Diamonds, another lab-grown diamond jewellery startup, secured $3 million in seed funding led by WestBridge Capital.  

Kolkata-based Jewelbox raised $3.2 million in a pre-Series A round from V3 Ventures and other investors. The brand, which operates both online and offline, said it aims to expand its store network from eight to about 30 locations while strengthening its leadership team and brand presence.

True Diamond raised Rs 26 crore in a pre-Series A round led by India Quotient and other investors. The company plans to use the funds to expand its offline presence and build immersive retail experiences in major cities.

In the demi-fine jewellery space, Palmonas secured Rs 55 crore in a Series A round from Vertex Ventures Southeast Asia and India. The company said it will use the capital to open around 100 new stores across India and internationally, while investing in design-led growth.

Nuyug, which focuses on celebration-wear jewellery in the mass-premium segment, raised Rs 2.5 crore in a pre-seed round led by AJVC and angel investors. It plans to use the funds to broaden its online and offline channels, expand its product catalogue, and invest in design and quality improvements.