Lucira: Groundbreaking Lab-Grown Diamond Jewelry Startup Secures $5.5 Million
Lab-grown diamond jewellery startup Lucira has successfully secured $5.5 million (approximately Rs 48 crore) in its initial funding round, co-led by Blume Ventures and Spring Marketing Capital. This round also saw participation from SiriusOne Capital Fund and several angel investors, including the founders of Dot and Key, Livspace, and Snitch. The newly acquired funds will be directed towards expanding offline operations, enhancing team capabilities, and ramping up marketing activities, as stated by Lucira in a recent press release.
Founded in May this year by Rupesh and Vandana Jain, Lucira’s product range includes nearly 1,000 items. After focusing on online sales to this point, the company aims to transition into offline retail with its first store slated to launch in Mumbai this month. Plans are in place to establish four additional outlets by the end of the 2025-26 financial year.
According to Rupesh Jain, the nature of jewellery necessitates a tactile experience. Although customers can discover products online, they often prefer to see, try on, and assess the fit of designs prior to making a purchase.
Market research indicates that India’s lab-grown diamond sector, currently valued at around $400-500 million, is set to grow to approximately $1.5 billion in the next three to five years. Within this timeframe, Lucira anticipates that online sales will account for about 15-20% of its revenue, with the remaining 80% generated through offline channels. The company aims to enhance delivery speed by collaborating with dependable last-mile providers, targeting delivery within two to three hours from the store.
In related news, Giva, known for its silver jewellery and recent foray into lab-grown diamonds, secured Rs 530 crore in June, led by private equity fund Creaegis. Earlier in April, Jewelbox, another lab-grown diamond jewellery company, raised $3.2 million from investors led by V3 Ventures. Additionally, Firefly Diamonds successfully acquired $3 million in funding from WestBridge Capital in March.