In a pre-Series A funding round led by V3 Ventures, lab-grown diamond brand Jewelbox has raised $3.2 million. Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, and current investor JITO Incubation & Innovation Foundation (JIIF) have also contributed to the round.
The Kolkata-based startup received Rs 3.7 crore in seed funding from JIIF in March 2024.
The money raised will be utilized to expand its network of stores, increase brand recognition, and make hirings in important departments.
Jewelbox, which was established in May 2022 by siblings Vidita Kochar Jain and Nipun Kochar, sells lab-grown diamond jewellery online and in physical stores. For FY25, the company’s annual revenue run rate (ARR) increased from Rs 16 crore to Rs 38 crore.
By the end of 2025, Jewelbox hopes to have 30 locations, up from its current eight in Delhi, Gurgaon, Bengaluru, Chennai, Kolkata, and Guwahati.
Jewelbox will face competition from a number of companies in the lab-grown diamond market, such as Firefly Diamonds, COLUXE, Fiona Diamonds, and Limelight Lab Grown Diamonds. GIVA, supported by Aditya Birla, also sells jewellery made with lab-grown diamonds.
WestBridge Capital led Firefly Diamonds’ $3 million seed round last month.
Because it confuses lab-grown diamonds with imitation stones like cubic zirconia, Jewelbox and other new brands have petitioned the Central Consumer Protection Authority (CCPA) to ban the term “synthetic” from being used for lab-grown diamonds.
