Lab-Grown Diamond Brand Jewelbox in Talks to Raise ₹50 Crore
Direct-to-consumer lab-grown diamond jewelry brand Jewelbox is in advanced discussions to raise ₹50 crore (approximately $5.2 million) in a new funding round. Sources indicate Physis Capital will lead the round.
Jewelbox, a direct-to-consumer brand specializing in lab-grown diamond jewelry, is reportedly in advanced talks to secure ₹50 crore (approximately $5.2 million) in its upcoming funding round. Sources familiar with the matter told Inc42 that Physis Capital is expected to lead the investment, with existing investor V3 Ventures also participating.
The startup's post-money valuation is anticipated to be around ₹300 crore (about $31 million). The discussions are in the final stages, and the funding round is likely to conclude within the next few weeks, according to one of the sources. Jewelbox declined to comment on the development.
The capital infusion is earmarked for strengthening Jewelbox's retail presence in existing markets like Delhi and Bengaluru, as well as for expanding into new cities such as Chandigarh and Bhubaneshwar. Founded in 2022 by Vidita Kochar Jain and Nipun Kochar, the company currently operates through its website and retail stores across nine Indian cities.
This potential funding follows a pre-Series A round of $3.3 million raised in April last year, also led by V3 Ventures. Other notable investors in Jewelbox include Atrium Angels and Dexter Ventures.
The Indian market for lab-grown diamonds is experiencing significant growth, projected to reach nearly $2 billion by 2036, driven by increasing consumer acceptance and demand. This has attracted substantial investor interest, as seen with other recent funding activities in the sector.