Firefly Diamonds raises $3 Mn in seed round led by WestBridge Capital

Indian lab-grown diamond jewellery brand Firefly Diamonds has raised $3 million in its seed round led by WestBridge Capital. 

The proceeds will be used to accelerate the brand’s retail expansion, and its digital presence, and fuel R&D for new and distinctive jewellery collections. 

Co-founded by Adit and Aayush Bhansali, Firefly utilizes advanced technology to create lab-grown diamonds which offer the same physical, optical and chemical characteristics as mined diamonds, but their production has a dramatically lower impact on the environment. It offers fine jewellery set in 14K and 18K gold. 

The brand has stores across 4 cities currently - Mumbai, Pune, Bengaluru, and Hyderabad with a plan to expand to over 20 locations within the following two years.

Last month, Serial entrepreneur Priyanka Gill, former Venture Partner at Kalaari Capital and co-founder of the Good Glamm Group, launched COLUXE, a lab-grown diamond (LGD) brand. 

In the lab-grown diamond space, Firefly Diamonds will compete with a clutch of firms including COLUXE, Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox. Aditya Birla-backed GIVA also offers a lab-grown diamond jewellery line.