Lab-grown diamond jewellery startup Firefly Diamonds has raised $3 million in seed funding from WestBridge Capital.The company plans to use the funds to expand its retail footprint, strengthen its digital presence, and invest in research and development.Firefly currently operates stores in Mumbai, Pune, Bengaluru, and Hyderabad, and aims to scale up to more than 20 locations over the next two years.
“With this funding, we wish to usher in a new era of Indian luxury that celebrates beauty, individuality, and the art of fine craftsmanship,” said Adit Bhansali, cofounder, Firefly Diamonds.Founded in 2023 by Adit and Aayush Bhansali, Firefly offers lab-grown diamond jewellery in 14K and 18K gold. The company has also launched initiatives such as a home trial service, an instalment-based savings plan for jewellery purchases, and an old gold exchange programme, among others.
Firefly claims its entire supply chain, from growing and cutting to polishing and jewellery setting, is based in India.The funding comes at a time when lab-grown diamonds, which are more affordable than natural diamonds, are gaining in popularity, attracting more players to the market.Last month, Priyanka Gill, cofounder of the Good Glamm Group, who joined Kalaari Capital last year, left the venture firm to launch her lab-grown diamond startup, Coluxe, which has already secured early-stage funding.
Meanwhile, Bengaluru-based Giva, known for its silver jewellery and recent entry into lab-grown diamonds, is in t.
