Jewelbox Bags $3.2 Mn To Launch Retail Stores To Sell Lab-Grown Diamond Jewellery

D2C lab-grown diamond jewellery brand Jewelbox has raised $3.2 Mn (about INR 27 Cr) in its pre-Series A round led by V3 ventures. 

The round also saw participation from Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, among others. Existing backer Jito Incubation and Innovation Foundation (JIIF) also participated in the funding round. 

Jewelbox cofounder Vidita Kochar Jain told Inc42 that the fresh capital will be utilised to increase the number of retail stores via co-owned and franchise-owned model. The startup plans to expand its retail network to 30 stores by the end of this year from eight currently. 

Jewelbox plans to target tier-I & II cities such as Ludhiana, Chandigarh and Bhubaneshwar to shore up its retail footprint. In addition, Jain said that the company is also looking to bolster its presence in major cities like Delhi and Bengaluru by increasing the number of stores. 

Founded in 2022 by brother and sister duo Vidita Kochar Jain and Nipun Kochar, Jewelbox is a lab-grown diamond brand which sells a range of jewellery collections such as rings, earrings, pendants and bracelets. 

Lab-grown diamonds are manufactured in highly controlled environments using advanced processes like chemical vapour deposition (CVD) and high-pressure high-temperature (HPHT). These diamonds are identical to natural ones but cost a fraction. 

Jewelbox’s Rapid Growth

Jain said that while the startup gets 40% of its orders from online channels, offline avenues generate a larger order value. She, however, added that the brand’s online traffic is helping the startup further build its expansion strategy. 

“We analysed from which part of the country we are getting most of the orders and we plan to double down our expansion strategy in those areas,” she said.

According to Tofler, Jewelbox’s standalone revenue from operations for the financial year ended March 2024 (FY24) zoomed almost 3X to INR 14.3 Cr from INR 3.6 Cr in the previous fiscal year. Its net profit soared 30X to INR 1.6 Cr from INR 4.7 Lakh in FY23. 

The D2C brand previously told Inc42 that it was looking to close FY25 with a revenue of INR 34 Cr and has set an ambitious target of achieving INR 180 Cr revenue milestone by FY26.

The funding comes at a time when the lab-grown diamond space in India has been growing rapidly on the back of its affordability factor, unique designs and changing ethical perspective of people. 

Jewelbox locks horns with D2C brands like GIVA, True Diamond, Solitario Lab Grown, Aukera, among others, as well as deep-pocketed giants like Tata Group’s Pome and Senco Gold’s newly incorporated subsidiary Sennes Fashion Limited.

As per a report, India’s lab-grown diamond jewellery market is projected to become a $1.3 Bn opportunity by 2033.