Lab-Grown Diamond Retailer Jewelbox Secures $3.2 Million in Pre-Series A Funding
Jewelbox, the omnichannel lab-grown diamond retailer, has secured $3.2 million in pre-Series A funding to accelerate its retail expansion across India. V3 Ventures led the investment round, which also included participation from Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, and existing investor JIIF.
The Shark Tank-featured startup will direct most of the fresh capital toward expanding its physical retail presence. Currently operating eight locations, Jewelbox will establish 30 stores nationwide by year-end. Additional funds will strengthen brand-building initiatives and support key hires in retail management and trade positions.
"At V3 Ventures, we're excited about the potential of lab-grown diamonds to truly democratize access to luxury in India. Less than 6% of Indians own diamonds today," 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 2022 by siblings Vidita Kochar and Nipun Kochar, the Kolkata-based company closed the previous financial year with an Annual Recurring Revenue (ARR) of Rs 38 crore. Jewelbox targets Rs 180 crore in revenue this year while maintaining profitability.
Lab-grown diamonds replicate natural geological processes using graphite chips or diamond seeds in controlled laboratory environments. These sustainable alternatives to mined diamonds continue gaining popularity among eco-conscious consumers seeking affordable luxury jewelry.
"Lab-grown diamonds are part of an industry that's still in the making," explained Vidita Kochar Jain, Co-founder of Jewelbox. "More players will enter and try to capture market share, but the right to win depends on two key factors. One is how much trust and credibility you can build around the brand, because people buy from players they trust—those with customer-friendly policies, good service, and a strong overall experience. The second is reaching consumers where they are and being present across multiple touchpoints."
The sustainable diamond jewelry segment has attracted significant investor interest recently. Firefly raised $3 million in seed funding led by WestBridge Capital in March, while Solitario Lab Grown secured $3.6 million in its pre-IPO round a month earlier. COLUXE, founded by Kalaari Capital's Priyanka Gill, also raised seed funding during this period, and Limelight attracted $11 million in investment.