Lab-grown diamond jewellery firm Lucira has raised $5.5 million (about Rs 48 crore) in its maiden funding round from investors led by venture capital firm Blume Ventures and Spring Marketing Capital.
The round also saw participation from SiriusOne Capital Fund and angel investors including founders of Dot and Key, Livspace and Snitch.
According to cofounder Rupesh Jain, the company will use the funds to expand offline operations, strengthen its team and step up marketing efforts.
Founded in May by Rupesh and Vandana Jain, the Mumbai-based company has a catalogue of nearly 1,000 products. After operating online so far, it plans to enter offline retail with its first store set to open in Mumbai this month. The company will open four new stores by the end of 2025-26.
“Since we know that jewellery is a more touch-and-feel kind of product where people can discover us online, but before buying they want to see, try on and check the fit of the design,” said Rupesh Jain.
Within the next three years the company will generate about 15-20% of its revenue from online sales and 80% from offline channels, he said.
Jain said that demand for diamonds is strong in India, with younger consumers celebrating more events including smaller occasions where gifting has become increasingly popular.
“Once we start opening stores, try-at-home services will be on our radar. As those gain traction, we plan to offer faster deliveries by partnering with reliable last-mile providers, aiming for two- to three-hour delivery from the store,” he said.
According to Jain, India’s lab-grown diamond market, currently estimated at about $400–500 million, is projected to expand to about $1.5 billion in the next three to five years.
Jain had earlier founded the jewellery brand Candere, which Kalyan Jewellers acquired in 2017 by purchasing an 85% stake from Singularity Strategic, the family office of Brijesh Chandwani and Subram Kapoor, for about Rs 35-40 crore. It bought the remaining stake in 2024.
On September 3, ET reported that global private equity firm Warburg Pincus is in discussions with Kalyan Jewellers to acquire about 10% stake in Candere for Rs 800-850 crore.
Commenting on the investment in Lucira, Karthik Reddy, managing partner at Blume Ventures, said, “Rupesh has already proven his ability to build and scale in this category with Candere’s successful exit. What excites us most is Lucira’s omnichannel vision.”
A number of startups in this sector have secured funding as consumer demand grows for lab-grown diamonds, which cost less than natural ones and are viewed as a more sustainable option.
Giva, which specialises in silver jewellery and recently entered lab-grown diamonds, raised Rs 530 crore in June from investors led by private equity fund Creaegis. In April, lab-grown diamond jewellery firm Jewelbox raised $3.2 million from investors led by V3 Ventures, while in March, Firefly Diamonds raised $3 million from WestBridge Capital.
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The round also saw participation from SiriusOne Capital Fund and angel investors including founders of Dot and Key, Livspace and Snitch.
According to cofounder Rupesh Jain, the company will use the funds to expand offline operations, strengthen its team and step up marketing efforts.
Founded in May by Rupesh and Vandana Jain, the Mumbai-based company has a catalogue of nearly 1,000 products. After operating online so far, it plans to enter offline retail with its first store set to open in Mumbai this month. The company will open four new stores by the end of 2025-26.
“Since we know that jewellery is a more touch-and-feel kind of product where people can discover us online, but before buying they want to see, try on and check the fit of the design,” said Rupesh Jain.
Within the next three years the company will generate about 15-20% of its revenue from online sales and 80% from offline channels, he said.
Jain said that demand for diamonds is strong in India, with younger consumers celebrating more events including smaller occasions where gifting has become increasingly popular.
“Once we start opening stores, try-at-home services will be on our radar. As those gain traction, we plan to offer faster deliveries by partnering with reliable last-mile providers, aiming for two- to three-hour delivery from the store,” he said.
According to Jain, India’s lab-grown diamond market, currently estimated at about $400–500 million, is projected to expand to about $1.5 billion in the next three to five years.
Jain had earlier founded the jewellery brand Candere, which Kalyan Jewellers acquired in 2017 by purchasing an 85% stake from Singularity Strategic, the family office of Brijesh Chandwani and Subram Kapoor, for about Rs 35-40 crore. It bought the remaining stake in 2024.
On September 3, ET reported that global private equity firm Warburg Pincus is in discussions with Kalyan Jewellers to acquire about 10% stake in Candere for Rs 800-850 crore.
Commenting on the investment in Lucira, Karthik Reddy, managing partner at Blume Ventures, said, “Rupesh has already proven his ability to build and scale in this category with Candere’s successful exit. What excites us most is Lucira’s omnichannel vision.”
A number of startups in this sector have secured funding as consumer demand grows for lab-grown diamonds, which cost less than natural ones and are viewed as a more sustainable option.
Giva, which specialises in silver jewellery and recently entered lab-grown diamonds, raised Rs 530 crore in June from investors led by private equity fund Creaegis. In April, lab-grown diamond jewellery firm Jewelbox raised $3.2 million from investors led by V3 Ventures, while in March, Firefly Diamonds raised $3 million from WestBridge Capital.
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