A seed funding round led by Blume Ventures, with participation from SiriusOne Capital Fund, Spring Marketing Capital, and angel investors including the founders of Dot and Key, Livspace, and Snitch, has raised $5.5 million (roughly Rs 48 crore) for the lab-grown diamond jewelry startup Lucira.
According to a press release from Lucira, the new funding will be used to increase marketing efforts, fortify the company’s workforce, and grow offline operations.
Lucira, which Rupesh and Vandana Jain founded in May of this year, boasts a catalog with almost 1,000 items. It intends to expand into offline retail after operating exclusively online, with its first location scheduled to open in Mumbai this month. By the end of 2025–2026, the company plans to open four new locations.
“Since we know that jewellery is a more touch-and-feel kind of product where people can discover us online, but before buying they want to see, try on and check the fit of the design,” said Rupesh Jain.
According to market research, the lab-grown diamond market in India is expected to grow from its current estimated $400–500 million to $1.5 billion over the next three to five years.
According to Lucira, 80% of its revenue will come from offline channels and 15% to 20% will come from online sales over the next three years. By collaborating with reputable last-mile providers, it intends to provide quicker deliveries, with a two- to three-hour delivery time from the store.
In June, investors led by the private equity fund Creaegis contributed Rs 530 crore to Giva, a company that specializes in silver jewelry and has recently ventured into lab-grown diamonds. Firefly Diamonds raised $3 million from WestBridge Capital in March, and Jewelbox, a lab-grown diamond jewelry company, raised $3.2 million from investors led by V3 Ventures in April.
