Jewelbox Raises $3.2M for Retail Expansion in India

Jewelbox, a Kolkata-based lab-grown diamond jewellery brand, has raised $3.2 million in a pre-Series A funding round led by V3 Ventures, with participation from several other investors. The company plans to use the funding to expand its retail footprint from eight current locations to 30 stores by the end of the year, targeting tier-I and II cities. Founded in May 2022 by siblings Vidita Kochar Jain and Nipun Kochar, Jewelbox reported a significant increase in its annual revenue run rate, reaching Rs 38 crore, compared to Rs 16 crore the previous year. The brand aims to strengthen its market presence and enhance brand visibility while competing with other firms in the growing lab-grown diamond market. Jain emphasized the increasing consumer interest in lab-grown diamonds as a sustainable and more affordable alternative to natural diamonds. The investment reflects a broader trend towards democratizing luxury in India, where currently less than 6% of the population owns diamonds.