Lab-grown diamond brand Jewelbox has raised USD 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).

The Kolkata-based startup will primarily use the funds to expand its retail footprint, growing from eight stores to 30 locations by the end of this year.

Part of the capital will also go towards brand-building and hiring senior leadership from retail and trade backgrounds.

"At V3 Ventures, we're excited about the potential of lab-grown diamonds to truly democratize access to luxury in India," said 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."

Founded in May 2022 by sibling duo Vidita Kochar Jain and Nipun Kochar, Jewelbox offers lab-grown diamond jewellery through an omnichannel model—operating both online and offline. Its current presence spans six cities: Delhi, Gurgaon, Bengaluru, Chennai, Kolkata, and Guwahati.

Lab-grown diamonds are created by mimicking natural geological processes in laboratories. They are chemically identical to natural diamonds but more sustainable and cost-effective. Jewelbox aims to scale responsibly while building trust with consumers.

"Lab-grown diamonds are part of an industry still in the making," said Vidita Kochar Jain. "To win, brands must focus on credibility and be present where consumers are—across multiple touchpoints."

Jewelbox closed FY24 with an ARR of INR 38 crore and is targeting INR 180 crore this year while staying profitable. With rising consumer interest and competitors like Limelight, COLUXE, and Firefly making moves, Jewelbox is betting on trust, accessibility, and retail depth to lead India's lab-grown diamond revolution.

Courtesy: Entrepreneur