New Delhi, June 4 -- Lab-grown diamond jewellery brand True Diamond said on Wednesday that it has secured Rs 26 crore ($3 million) in a pre-Series A funding round led by venture capital firm India Quotient, as it aims to scale its omnichannel presence.
The round also saw participation from existing investors Titan Capital Winners Fund, and Huddle Ventures, the company said in a statement.
With the fresh capital, True Diamond will accelerate its omnichannel growth strategy, focusing on offline expansion. Following the launch of retail outlets in Mumbai, Hyderabad, and Noida, the company plans to open more stores across major metro cities, it said.
"We're building a next-gen brand experience through high-quality lab-grown diamonds, cutting-edge content, and a retail journey that breaks away from the conventional. This round gives us the ability to scale this vision faster," said Parin Shah, co-founder of True Diamond.
Founded in 2024 by Darayus Mehta and Parin Shah, Mumbai-based True Diamond offers a wide range of lab-grown diamond jewellery, including rings, earrings, pendants, necklaces, mangalsutras, bracelets, and tennis bracelets.
The brand claims to have built a catalogue of over 5,000 designs and boasts a 1.7x customer repeat rate.
Investor interest in lab-grown diamonds has increased in recent years. Several early-stage startups in the sector have received funding in recent months, including Jewelbox, IVANA Jewels, and Firefly Diamonds.
"We see immense potential in the lab-grown diamond and gold combination as a category within the massive jewellery market. It presents an exceptionally strong value proposition for today's value-conscious and design-sensitive customers," said Sahil Makkar, vice president at India Quotient.
Published by HT Digital Content Services with permission from VC Circle.