D2C lab-grown diamond jewellery brand Jewelbox is in talks to raise ₹50 Cr (about $5.2 Mn) in a new funding round, sources told Inc42. 

The funding round will be led by Physis Capital and will also see participation from existing investor V3 Ventures. The startup’s post-money valuation will be around ₹300 Cr (about $31 Mn), the sources added.

The discussions are in advanced stages and the round is likely to be closed in a few weeks, one of the sources said. 

The startup plans to deploy the fresh capital to shore up its retail presence in existing cities like Delhi and Bengaluru and open new stores in cities like Chandigarh and Bhubaneshwar. 

Jewelbox declined to comment on Inc42’s queries on the development. 

Founded in 2022 by brother and sister duo Vidita Kochar Jain and Nipun Kochar, Jewelbox sells lab-grown diamond jewellery through its website as well as retail stores. It currently has retail presence across nine cities – Mumbai, Guwahati, Kolkata, Ludhiana, Noida, Chennai, Delhi, Gurugram, and Bengaluru. 

The development comes more than a year after Jewelbox raised $3.3 Mn in a pre-Series A round led by V3 Ventures in April last year. 

Jewelbox also counts Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, and Jito Incubation and Innovation Foundation (JIIF) among its existing backers. 

The startup operates in India’s rapidly growing lab-grown diamond market, which is projected to record a 14.8% CAGR and reach nearly $2 Bn by 2036, driven by increasing consumer demand and wider adoption. 

As a result, startups operating in the segment are also seeing a lot of interest from investors. Earlier today, Peak XV Partners-backed Aukera raised ₹90 Cr in a debt funding round led by Alteria Capital, with participation from InnoVen Capital, Lighthouse Canton, and an undisclosed bank to fuel expansion. 

Last year, lab-grown diamond jewellery startup Lucira raised $5.5 Mn in a seed funding round led by Blume Ventures.  

Besides legacy brands like Titan’s BEYON, Trent’s Pome, and PNG Jewellers, the Indian lab-grown diamond market has the presence of startups like True Diamond and Cosmos Diamonds. 

The post Exclusive: Lab-Grown Diamond Brand Jewelbox In Talks To Raise ₹50 Cr appeared first on Inc42 Media.