Lab-grown jewellery start-up Jewelbox raises $3.2 million led by V3 Ventures

Lab-grown jewellery start-up Jewelbox has raised $3.2 million in its Pre-Series A funding round led by V3 Ventures.

Other co-investors joining the round included Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, amongst others. Existing investor JIIF also participated in the round.

The company plans to deploy the new funding for retail expansion across tier 1 and 2 cities, brand building and marketing and team building.

“We currently already have eight stores and we plan to take this count to 30 by the end of the year using franchisee owned as well as company owned models,” said Vidita Kochar, co-founder of the company, to businessline.

The company currently has 8 stores across six major cities—Delhi, Gurgaon, Bangalore, Chennai, Kolkata, and Guwahati.

Jewelbox has witnessed 4x year-over-year revenue growth, backed by increasing demand for sustainable luxury. The brand is on track to hit ₹150 crore in ARR by December 2025, and is targeting ₹180 crore in ARR by FY26. The company recorded a revenueof Rs 30.5 crore in FY24.

When asked about the company’s long-term goals and raising funds, she added, “We’re a profitable company. We are generating sufficient cash to help us sustain our operations.

“India’s lab-grown diamond jewelry market is projected to reach $1 billion by 2030,” Jain added. “We believe this category is moving from a niche segment to the mainstream, and the increased competition only validates the space,” she added.

Currently, 40 per cent of sales come via the brand’s own e-commerce platform, with marketplace listings on Nykaa and Tata Cliq Luxury, and upcoming launches on Amazon and Flipkart.

Founded in May 2022 by siblings Vidita Kochar Jain and Nipun Kochar, Jewelbox offers over 3,000 unique designs with pricing that spans from ₹5,000 for everyday wear to ₹6 lakh. The brand designs all pieces in-house, while manufacturing is currently outsourced to vetted contract manufacturers.

When asked about using contract manufacturers, she added, ““There’s a very strict policy or strict quality rigorous quality checks that happen from our end so one thing that we truly believe is in tying up with as few vendors as possible so that the quality and the designs can remain consistent.”

Jewelbox rasied ₹3.5 crore in a funding round led by JITO Incubation and Innovation Foundation (JIIF) in March 2024. The sector has seen multiple players raising funds. Recently FireFly Diamonds raised $3 million in funding from WestBridge Capital.

(with inputs from BL intern Nethra Sailesh)

Published on April 16, 2025