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

EntrackrEntrackr · 3m 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.

Jewelbox raises $3.2 Mn in pre-Series A round

EntrackrEntrackr · 3m ago
Jewelbox raises $3.2 Mn in pre-Series A round
Medial

Lab-grown diamond brand Jewelbox has raised $3.2 million in a pre-Series A funding round led by V3 Ventures, with participation from Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, and existing investor JITO Incubation & Innovation Foundation (JIIF). In March 2024, the Kolkata-based startup had raised Rs 3.7 crore in seed funding from JIIF. The proceeds will be used to grow its store network, build brand awareness, and hire across key departments. Founded in May 2022 by siblings Vidita Kochar Jain and Nipun Kochar, Jewelbox sells lab-grown diamond jewellery through both online and offline channels. The firm reported an annual revenue run rate (ARR) of Rs 38 crore for FY25, up from Rs 16 crore the previous year. Jewelbox currently runs eight stores in six cities—Delhi, Gurgaon, Bengaluru, Chennai, Kolkata, and Guwahati—and aims to expand to 30 stores by the end of 2025. In the lab-grown diamond space, Jewelbox will compete with a clutch of firms, including COLUXE, Fiona Diamonds, Limelight Lab Grown Diamonds, and Firefly Diamonds. Aditya Birla-backed GIVA also offers a lab-grown diamond jewellery line. Last month, Firefly Diamonds raised $3 million in its seed round led by WestBridge Capital. Jewelbox and other new brands have asked the Central Consumer Protection Authority (CCPA) to stop the use of the term "synthetic" for lab-grown diamonds, saying it confuses with imitation stones like cubic zirconia.

True Diamond raises $1 Mn in seed funding round

EntrackrEntrackr · 7m ago
True Diamond raises $1 Mn in seed funding round
Medial

Lab-grown diamond startup True Diamond has raised $1 million in a seed funding round led by Titan Capital, along with participation from Huddle Ventures, Zeropearl Ventures, and personal investments from Ashutosh Valani, Priyank Shah, Aashka Goradia Goble, Mamaearth founder Ghazal Alagh, Abhishek Goyal, and Anmol Jain. The fresh funds will be utilized to build a skilled team, amplify brand visibility, onboard jewellery experts/consultants, designers, and sales teams, launch exclusive boutique outlets in Mumbai and Delhi NCR, and invest in branding and marketing initiatives, True Diamond said in a press release. Co-founded in January 2024 by Parin Shah and Darayus Mehta, True Diamond is a lab-grown diamond jewellery brand that focuses on sustainability, innovation, and uncompromising quality. The company aims to redefine luxury in the jewellery industry. It offers a variety of products, including rings, earrings, pendants, necklaces, mangalsutras, bracelets, tennis bracelets, amongst others. The startup also provides customized jewellery and men’s collections. According to the Mumbai-based company, its lab-grown diamonds are created in a laboratory setting using advanced technological processes that mimic the natural diamond-growing environment. They have the same chemical composition, physical properties, and optical characteristics as natural diamonds but are ethically and sustainably produced. True Diamond offers an extensive catalogue of 5,000 customizable designs, claims to have a customer repeat purchase rate of 1.7 times, and is available across the country.

Priyanka Gill’s lab-grown diamond brand COLUXE raises angel funding

EntrackrEntrackr · 5m ago
Priyanka Gill’s lab-grown diamond brand COLUXE raises angel funding
Medial

Priyanka Gill’s lab-grown diamond brand COLUXE raises angel funding Serial entrepreneur Priyanka Gill, Venture Partner at Kalaari Capital and Co-Founder of the Good Glamm Group, has launched COLUXE, a lab-grown diamond (LGD) brand. The brand has also raised funds in its angel round for an undisclosed amount. COLUXE offers contemporary designs focusing on collections built around the classic suite of jewellery, from solitaire rings, pendants, earrings, tennis bracelets & necklaces to thematic collections around the zodiac, gifting, manifestation, and the COLUXE signature pieces. According to the company, the key differentiator for COLUXE will be the technology-led focus on customisation and innovating new mechanisms allowing multi-use settings and personalisation through AI. It claims to have an easy integration across flagship stores and digital platforms. The startup plans to launch digitally in mid-2025, followed by flagship retail expansion, tapping into India's $50 billion fine jewellery market. 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.

True Diamond raises $3 Mn led by India Quotient

EntrackrEntrackr · 1m ago
True Diamond raises $3 Mn led by India Quotient
Medial

True Diamond raises $3 Mn led by India Quotient Lab-grown diamond jewelry brand True Diamond has raised Rs 26 crore ($3 million) in a pre-Series A funding round led by India Quotient along with participation from existing investors Titan Capital, Winners Fund, and Huddle Ventures. Prior to this, it had raised $1 million in a seed funding round led by Titan Capital, along with participation from Huddle Ventures, Zeropearl Ventures, and personal investments from Ashutosh Valani, Priyank Shah, Aashka Goradia Goble, Mamaearth founder Ghazal Alagh, Abhishek Goyal, and Anmol Jain. The proceeds will be used to accelerate its omnichannel strategy and focus on offline expansion, True Diamond said in a press release. Co-founded in 2024 by Darayus Mehta and Parin Shah, True Diamond aims to modernise the jewelry experience for contemporary Indian consumers. The brand focuses on design and material innovation, bold content, and accessible luxury. It has launched retail outlets in Mumbai, Hyderabad, and Noida, with more stores planned across metro cities. The Mumbai-based company offers a variety of products, including rings, earrings, pendants, necklaces, mangalsutras, bracelets, and tennis bracelets, among others. The startup also provides customized jewellery and men’s collections. True Diamond claims to have built a catalog of over 5,000 designs and achieved a 1.7x customer repeat rate. The brand offers innovative products with unique launches like over the 160 facet Portuguese diamonds, black diamonds, and many more.

Lab-grown diamond brand Aukera raises $15 Mn led by Peak XV

EntrackrEntrackr · 17d ago
Lab-grown diamond brand Aukera raises $15 Mn led by Peak XV
Medial

Lab-grown diamond jewellery brand Aukera has secured $15 million in its Series B funding led by Peak XV Partners. Existing investors Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital have also participated in the round. Earlier in August last year, Aukera had raised Rs 26.7 crore (approximately $3.2 million) in its Series A financing led by Fireside Ventures. Entrackr had exclusively reported the development. The proceeds will help Aukera grow its retail presence, improve its products, and strengthen its position in India’s fine jewellery market. Founded two years ago by Lisa Mukhedkar and Kumar Saurabh, Aukera has 13 stores in cities such as Bengaluru, Delhi NCR, and Hyderabad. The brand plans to enter more cities and aims to become a Rs 1,000 crore brand in the next five to seven years. Aukera focuses on selling high-quality, lab-grown diamonds set in fine jewellery. It targets women who want better designs and bigger diamonds without the high costs of mined stones. The Bengaluru-based firm competes with a clutch of firms including Fiona Diamonds, Limelight Lab Grown Diamonds, True Diamond, COLUXE, and Jewelbox. Aditya Birla-backed GIVA also offers a lab-grown diamond jewellery line.

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