The company is targeting to expand in Tier-I and Tier-II cities such as Ludhiana, Chandigarh and Bhubaneswar, while also aiming to increase its presence in larger urban markets like New Delhi and Bengaluru
Kolkata: D2C lab-grown diamond jewellery brand Jewelbox has secured $3.2 mn (approximately Rs 27 crore) in a pre-Series A funding round led by V3 Ventures. Other participants in the round included Atrium Angels, Dexter Ventures, Infinyte Club, and Samarthya Capital. Existing investor Jito Incubation and Innovation Foundation (JIIF) also took part in the round.
According to Vidita Kochar Jain, Co-founder, Jewelbox, the company will use the funds to expand its retail footprint through a combination of co-owned and franchise-owned stores. The company is targeting Tier-I and Ttier-II cities such as Ludhiana, Chandigarh, and Bhubaneswar, while also planning to increase its presence in larger urban markets like New Delhi and Bengaluru.
Jain noted that 40% of the brand’s orders come from online channels, but offline stores contribute a higher average order value. Insights from online traffic are being used to guide the brand’s physical expansion.
As per data from Tofler, Jewelbox’s standalone revenue for FY24 reached Rs 14.3 crore, nearly triple its FY23 figure of Rs 3.6 crore. Net profit rose to Rs 1.6 crore in FY24 from Rs 4.7 lakh in the previous year. The company has set a revenue target of Rs 34 crore for FY25 and aims to achieve Rs 180 crore in revenue by FY26.
Jewelbox competes with D2C players such as GIVA, True Diamond, Solitario and Aukera, along with established names like Tata Group’s Pome and Senco Gold’s Sennes Fashion Limited.
India’s lab-grown diamond jewellery market is projected to reach $1.3 bn by 2033. Founded in May 2022 by siblings Vidita Kochar Jain and Nipun Kochar, Jewelbox began its journey with retail stores in Kolkata. The brand aims to make lab-grown diamond jewellery more accessible and cost-effective for a broader audience, with a focus on sustainable and contemporary designs. Currently operating eight stores, Jewelbox aims to grow its store count to 30 across India by the end of the year, as part of its strategy to expand retail presence and enhance brand visibility.
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