Mumbai, Dec. 1 -- A wave of investor capital is flowing into India's laboratory-grown diamond (LGD) segment, as fast-scaling brands tap rising consumer adoption in a market now worth well over $300 million. New-age brands have raised multiple rounds of capital on the back of growing market share and improving margins. Actor Shilpa Shetty-backed Limelight, which is in talks to raise its second round of capital this year, joins the growing list of other small brands such as Onya, Giva, Jewelbox, Lucira Jewellery and Aukera, among others, who have snagged monies in recent months. Limelight has appointed Ambit Capital to raise about $20 million to fund its expansion plans, two people familiar with the matter said. Confirming the fundraise, the six-year-old firm's co-founder Pooja Madhavan said the funds will be used towards store expansion and brand building as it looks to touch 100 stores over the next year. "We are in final talks with growth PE funds and reputed family offices (for the fundraise)," she told Mint. Other similar fundraises include Onya's Rs.5.5 crore in a pre-seed round led by Zeropearl VC last week, Aukera's $15 million raise led by Peak XV Partners and Aditya Birla Ventures-backed Giva raised Rs.530 crore in an internal round led by Premji Invest, Epiq Capital and Edelweiss Discovery Fund, as it looks to scale up its lab-grown diamond offerings. Nine pure-play lab grown diamond startups collectively raised a record $26.4 million in 2025, compared with $4.7 million across eight startups last year, data from market intelligence provider Tracxn showed. The development comes as India's lab-grown diamond jewellery market, valued at about $300-350 million in 2024, expects to grow at a compound annual growth rate (CAGR) of 15% over the next decade, as per consultancy firm Redseer's estimates. This segment has particularly picked pace in the last five years, with millennials and gen Z leading this shift. Major Indian brands that are considering a foray into this category include Malabar Gold & Diamonds, Senco Gold and Tata's Trent....