Luxury jewelry brand Lucira secures $5.5 million investment, led by Blume Ventures, to fund retail expansion, studio growth, tech advancements, and hiring boosts.
Staff India News: Seed Funding Boom for Indian Jewelry Startups
In a significant development for the Indian jewelry industry, several startups have recently secured substantial investments to fuel their expansion. This trend is particularly noticeable among companies specializing in lab-grown diamonds and demi-fine jewelry, as investor interest continues to grow in this sector.
Leading the charge is Firefly Diamonds, which secured USD 3 million in seed funding. Previously, Rupesh Jain, the founder of the online jewelry platform Candere, helmed the company. This marks the largest seed investment to date for a jewelry startup in India.
Another notable player in the market is Lucira Jewelry, founded by Rupesh and Vandana Jain. The startup has raised USD 5.5 million in seed funding, with investors including Spring Marketing Capital and SiriusOne Capital Fund. Lucira offers more than 1,000 customizable lab-grown diamond designs, certified by IGI, GIA, SGL, BIS, and others. The company provides lifetime exchange and buyback assurances and plans to use the newly raised capital to open new retail stores, expand its design studio, and strengthen its technology and hiring efforts. The first store is scheduled to open in Mumbai this month, while four additional flagship outlets are expected by the end of FY2026.
Jewelbox, a Kolkata-based jewelry brand, also raised USD 3.2 million in a pre-Series A round. Several individual investors, including the founders of Dot & Key, Livspace, Snitch, and Bewakoof, also participated.
Palmonas secured INR 55 crore in a Series A round for plans to open 100 new stores. The company focuses on design-led fine jewelry crafted from lab-grown diamonds and recycled gold.
True Diamond attracted INR 26 crore in a pre-Series A round, while Nuyug, a celebration-wear jewelry brand, entered the investment landscape with INR 2.5 crore in pre-seed funding. The round was led by Blume Ventures.
Aukera, a lab-grown diamond brand, raised USD 15 million in growth capital. The details of the investors who financed this round are yet to be disclosed.
This surge in funding for jewelry startups reflects the growing interest in sustainable and affordable luxury options in the market. As these companies continue to innovate and expand, they are poised to reshape the jewelry industry in India and beyond.
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