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BIS conducts raid at FirstCry warehouse in Bengaluru

EntrackrEntrackr · 8m ago
BIS conducts raid at FirstCry warehouse in Bengaluru
Medial

BIS conducts raid at FirstCry warehouse in Bengaluru Brainbees Solutions Limited, the parent company of FirstCry, said on Monday that the Bureau of Indian Standards (BIS) carried out a surprise search and seizure at one of its Bengaluru warehouses. According to a filing with the stock exchanges, the operation took place on May 26, 2025, culminating in the seizure of products worth approximately Rs 90 lakh. The BIS alleged non-compliance with hallmarking requirements under Section 14(6) of the BIS Act, 2016, a serious charge that could lead to further legal proceedings. The Pune-based company, which runs one of India’s biggest online stores for baby and kids' products, said the raid did not affect its daily operations. It added that it is taking legal advice and believes the seized products follow BIS rules. FirstCry has stressed that it follows strong corporate and regulatory rules. However, the incident highlights how authorities like the BIS are becoming more watchful about product safety and certification. In November last year, the company was investigated by the GST department in Mumbai. The company also shared its quarterly results on Monday, reporting an 18% year-on-year rise in revenue to Rs 1,930 crore for Q4FY25. However, its losses grew by 74% to Rs 75 crore during the same period. BrainBees debuted on the stock exchange at Rs 446 and is now trading at 355.95 on May 27 (11:42 AM), bringing its total market capitalization to Rs 18,557 crore (approximately $2.18 billion).

Firefly Diamonds raises $3 Mn in seed round led by WestBridge Capital

EntrackrEntrackr · 10m ago
Firefly Diamonds raises $3 Mn in seed round led by WestBridge Capital
Medial

Firefly Diamonds raises $3 Mn in seed round led by WestBridge Capital Indian lab-grown diamond jewellery brand Firefly Diamonds has raised $3 million in its seed round led by WestBridge Capital. The proceeds will be used to accelerate the brand’s retail expansion, and its digital presence, and fuel R&D for new and distinctive jewellery collections. Co-founded by Adit and Aayush Bhansali, Firefly utilizes advanced technology to create lab-grown diamonds which offer the same physical, optical, and chemical characteristics as mined diamonds, but their production has a dramatically lower impact on the environment. It offers fine jewellery set in 14K and 18K gold. The brand has stores across 4 cities currently - Mumbai, Pune, Bengaluru, and Hyderabad with a plan to expand to over 20 locations within the following two years. In the lab-grown diamond space, Firefly Diamonds will compete with a clutch of firms including COLUXE, Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox. Aditya Birla-backed GIVA also offers a lab-grown diamond jewellery line.

Coluxe closes friends and family round to launch everyday fine jewellery platform

EntrackrEntrackr · 6m ago
Coluxe closes friends and family round to launch everyday fine jewellery platform
Medial

Coluxe, the new-age fine jewellery brand reimagining everyday luxury with lab-grown diamonds and gemstones, has closed its friends and family funding round. The round saw participation from a select group of prominent investors and founders, including Startup Sherpas, HCL co-founder Ajai Chowdhry, ICICI director Tej Kapoor, Sairee Chahal (Founding Partner), Kunal Chowdhry, Rachin Dewan, and Kunal Milwani. The company raised its angel funding in February this year. The fresh funds will be used to launch its full digital storefront in August 2025 and to expand its product catalogue and infrastructure, Coluxe said in a press release. Launched this year by Priyanka Gill, Coluxe uses certified lab-grown diamonds and coloured gemstones to create modular, stackable pieces designed for daily wear. The brand is tailored for a new generation of Indian consumers who are looking for beauty that aligns with their values. As per market research, India’s jewellery market is valued at over $80 billion. “Lab-grown diamonds are unlocking access in a market where only 6% of gold jewellery buyers own a single diamond. At the same time, consumer behaviour is evolving—women are now self-purchasing and seeking everyday fine jewellery that reflects their identity, not just tradition,” said Priyanka Gill, founder and CEO, Coluxe. Earlier this month, Coluxe says it debuted with a limited-edition Rakhi capsule to test demand and operational readiness. The collection sold out within a week, entirely via WhatsApp-based commerce. The August launch will include over 300 SKUs spanning rings, earrings, pendants, bracelets, and signature stacking sets. In the lab-grown diamond space, Coluxe will compete with a clutch of firms, including Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox. Aditya Birla-backed GIVA also offers a lab-grown diamond jewellery line.

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