In a pre-Series A funding round led by V3 Ventures, lab-grown diamond firm Jewelbox has raised USD 3.2 million. Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, and current investor JITO Incubation & Innovation Foundation (JIIF) have all contributed to the deal.
The business from Kolkata will mostly utilize the money to increase its retail presence; by the end of this year, it plans to have 30 shops instead of only eight.
A portion of the funds will also be used to hire senior executives with experience in trade and retail, as well as to develop the brand.
Arjun Vaidya, co-founder and managing partner at V3 Ventures, stated, “We at V3 Ventures are thrilled about the potential of lab-grown diamonds to truly democratize access to luxury in India.” “The team’s ability to execute flawlessly across online and offline channels, even outside their home markets, is what most impressed us about Jewelbox.”
Jewelbox, an omnichannel company that operates both online and offline, was founded in May 2022 by siblings Vidita Kochar Jain and Nipun Kochar. The company sells lab-grown diamond jewelry. Currently, it is present in six cities: Guwahati, Chennai, Bengaluru, Delhi, Gurgaon, and Kolkata.
By simulating natural geological processes in lab settings, lab-grown diamonds are produced. They are more economical and environmentally friendly than real diamonds, yet having the same chemical makeup. Jewelbox wants to grow ethically while gaining customers’ trust.
According to Vidita Kochar Jain, “lab-grown diamonds are part of an industry still in the making,” “Brands need to be present where consumers are—across multiple touchpoints—and concentrate on credibility if they want to succeed.”
Jewelbox is aiming for INR 180 crore this year while maintaining profitability, having ended FY24 with an ARR of INR 38 crore. Jewelbox is relying on trust, accessibility, and retail depth to spearhead India’s lab-grown diamond revolution in the face of growing consumer interest and movements from rivals like Limelight, COLUXE, and Firefly.
