Lab-grown diamond brand Jewelbox has raised $3.2 million in a pre-Series A round to grow its retail footprint. The round was led by V3 Ventures, with support from Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, and existing investor JIIF.
Known from Shark Tank, the startup will use most of the funds to open more stores—expanding from 8 locations to 30 by the end of the year. Some of the money will also go toward brand-building and hiring experienced managers in retail and trade.
Arjun Vaidya, Co-founder and Managing Partner at V3 Ventures said, “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, What impressed us most about Jewelbox is the team’s ability to execute flawlessly across online and offline channels, even outside their home markets.”
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Kolkata-based Jewelbox was started in 2022 by siblings Vidita Kochar and Nipun Kochar. Last year, the company reported an annual revenue run rate of ₹38 crore and aims to cross ₹180 crore this year while staying profitable.
Lab-grown diamonds, also called man-made diamonds, are created in labs by mimicking natural processes on a graphite chip or diamond seed.
Vidita Kochar Jain, Co-founder, Jewelbox said, “Lab-grown diamonds are part of an industry that’s still in the making. 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,”.
About Jewelbox
Jewelbox creates lab-grown diamond jewellery for modern men and women. Its goal is to make luxury both affordable and sustainable, based on the belief that “diamonds are for everyone.”
