Lab-grown diamond brand Firefly Diamonds raised $3 M Seed funding from WestBridge Capital
WestBridge Capital led the $3 million seed round for Firefly Diamonds, an Indian lab-grown diamond jewellery company.
The money raised will be utilized to support R&D for fresh and unique jewelry collections as well as to speed up the brand’s retail and online presence.
Adit and Aayush Bhansali co-founded Firefly, a company that uses cutting-edge technology to produce lab-grown diamonds that have the same physical, optical, and chemical properties as diamonds that are mined but have a significantly smaller environmental impact during production. It sells exquisite jewelry crafted from 14K and 18K gold.
With plans to open more than 20 locations in the next two years, the brand currently operates stores in four cities: Hyderabad, Bengaluru, Pune, and Mumbai.
The lab-grown diamond (LGD) brand COLUXE was introduced last month by serial entrepreneur Priyanka Gill, a co-founder of the Good Glamm Group and a former venture partner at Kalaari Capital.
Firefly Diamonds will face competition from a number of companies in the lab-grown diamond market, such as COLUXE, Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox. GIVA, supported by Aditya Birla, also sells jewelry made with lab-grown diamonds.
