Lab-grown diamond jewellery startup Lucira raises $5.5 Mn

Lab-grown diamond jewellery startup Lucira has raised $5.5 million (about Rs 48 crore) in a seed funding round led by venture capital firm Blume Ventures along with participation from SiriusOne Capital Fund, Spring Marketing Capital and angel investors including founders of Dot and Key, Livspace and Snitch.

The fresh funds will be utilized to expand offline operations, strengthen its team and step up marketing efforts, Lucira said in a press release.

Founded in May this year by Rupesh and Vandana Jain, Lucira 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.

As per market research, 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.

Within the next three years, Lucira says that it will generate about 15-20% of its revenue from online sales and 80% from offline channels. It  plans to offer faster deliveries by partnering with reliable last-mile providers, aiming for two- to three-hour delivery from the store.

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.