Exclusive: True Diamond Bags $3 Mn From India Quotient, Others

Mumbai-based lab grown diamond startup True Diamond has raised $3 Mn (INR 26 Cr) in a fresh funding round, people aware of the matter told Inc42.

The round saw India Quotient joining the cap table, with participation from Titan Capital and Huddle Ventures.

Confirming the development, True Diamond’s cofounder Parin Shah said that India Quotient has led the round.

Post the fund raise, the startup valuation soared to INR 108 Cr ($12.6 Mn), Shah added. 

The startup will use the fresh capital to scale up its omnichannel presence, with a strong focus on expanding offline retail.

“The company has already launched three offline stores in Mumbai, Hyderabad and Noida. The investment will go towards building a strong modern brand, product development, material innovation, marketing and elevated in-store experiences, all aimed at reinforcing its identity as India’s most innovative and modern jewelry brand,” Shah said.

The fresh round comes almost six months after it bagged $1 Mn in a seed fundraise from Titan Capital, Huddle Ventures and Zeropearl Ventures. The round also saw participation from angel investors including from Ashutosh Valani, Priyank Shah, Aashka Goradia Goble, Mamaearth founder Ghazal Alagh, Abhishek Goyal and Anmol Jain

Founded in 2024 by Shah and Darayus Mehta, True Diamond is a lab-grown diamond jewellery brand that focuses on sustainability and innovation. The startup’s product portfolio includes rings, earrings, necklaces and bracelets, among others.

Lab grown diamonds are diamonds created in a laboratory setting using advanced technological processes that mimic the natural diamond-growing environment. They have the same chemical composition, physical properties and optical characteristics as natural diamonds but are ethically and sustainably produced.

True Diamond directly competes against the likes of Aukera, which is in the middle of discussion to raise around $20 Mn in Series B funding round from Peak XV Ventures, Jewelbox – last raised $3.2 Mn from V3 Ventures, and GIVA among others.

Besides, in the lab grown diamond space is further witnessing traditional players such as Malabar Gold & Diamonds and Senco Gold are entering the space, indicating the growing demand for lab grown diamonds.