National News
Lab-Grown Diamond Brand Jewelbox Raises $3.2M to Fuel Nationwide Expansion
Backed by V3 Ventures and others, Kolkata-based startup aims to grow retail presence, bolster brand visibility, and expand its team across India.
Kolkata-based lab-grown diamond jewellery brand Jewelbox has secured $3.2 million in pre-Series A funding, led by V3 Ventures, with participation from Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, and existing investor JITO Incubation & Innovation Foundation (JIIF).
The company, co-founded in May 2022 by siblings Vidita Kochar Jain and Nipun Kochar, plans to use the fresh capital to scale operations, enhance brand visibility, and hire talent across core functions.
Currently operating eight stores across six Indian cities—Delhi, Gurgaon, Bengaluru, Chennai, Kolkata, and Guwahati—Jewelbox is eyeing rapid growth, with a goal to expand to 30 retail locations by the end of 2025.
“The competition in the lab-grown diamond space is heating up, but we welcome it,” said Jain. “Whether it’s legacy brands, established entrepreneurs, or startups entering the space—it validates the category.”
Jewelbox, which sells its jewellery both online and offline, closed FY25 with an annual revenue run rate (ARR) of ₹38 crore, more than doubling from ₹16 crore in the previous year. The brand had earlier raised ₹3.7 crore in seed funding from JIIF in March 2024.
The funding comes at a time when lab-grown diamonds are gaining traction as a more sustainable and affordable alternative to natural diamonds. The segment is seeing increasing investor interest and consumer adoption.
The broader category is also drawing new entrants. Last month, Priyanka Gill, co-founder of the Good Glamm Group, launched Coluxe, a new lab-grown diamond brand that has already secured early-stage funding. Meanwhile, Bengaluru-based jewellery brand Giva is reportedly in talks with Creaegis to raise $80–100 million, valuing the company between $470–500 million, following its entry into lab-grown diamonds.
On the regulatory front, Commerce and Industry Minister Piyush Goyal recently confirmed there are no plans for additional regulations, citing the industry’s healthy growth under a self-regulatory model.
Jewelbox and other emerging players—including Aukera, Giva, and Green Lab Diamonds—have also approached the Central Consumer Protection Authority (CCPA) to dispute the classification of lab-grown diamonds as “synthetic,” arguing that it misrepresents their nature by equating them with lookalike simulants like cubic zirconia.
Commenting on the investment, Arjun Vaidya, co-founder and managing partner at V3 Ventures, said: “Less than 6% of Indians own diamonds today. With rising aspirations and growing awareness, lab-grown diamonds can democratize luxury in India—and Jewelbox is well-positioned to lead that change.”
National News
SMR Jewels Limited’s IPO To Open On May 26, 2026, Price Band Set At ₹ 128 – ₹ 135 Per Equity Share
The Floor Price Is 12.8 Times The Face Value Of The Equity Shares and The Cap Price Is 13.5 Times The Face Value Of The Equity Shares.
SMR Jewels Limited (“Company”) has announced the price band of Rs. 128 to Rs. 135 per Equity Share of face value ₹10 each for its Initial Public Offer of Equity Shares (“IPO” or “Issue”).
The IPO will open on Tuesday, May 26, 2026, for subscription and close on Friday, May 29, 2026.
Investors can bid for a minimum of 2,000 Equity Shares and in multiples of 1,000 Equity Shares thereafter.
The Initial Public Offering comprises a Fresh Issue of 40,00,000 Equity Shares and an Offer for Sale of 9,80,000 Equity Shares by the Selling Shareholders aggregating up to 49,80,000 Equity Shares.
The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the SME Platform of BSE Limited (“BSE SME”). For the purposes of the Offer, BSE Limited shall be the Designated Stock Exchange.
The Company proposes to utilise the Net Proceeds from the Fresh Issue towards (working capital requirements / funding capital expenditure requirements / repayment of borrowings / general corporate purposes).
SMR Jewels Limited is engaged in the business of designing, manufacturing and marketing gold jewellery products catering to diverse customer preferences and market segments. The Company focuses on blending traditional craftsmanship with contemporary jewellery offering a wide range of jewellery products and focuses on product quality and customer relationships.
The Company operates primarily from Ahmedabad, Gujarat and has developed capabilities across jewellery design, product development and customer servicing. The Company believes its understanding of regional preferences, product quality and customer relationships position it favourably within the organised jewellery market.
The Promoters of the Company are Mr. Vismay Manojkumar Soni, Mr. Jainil Virendra Soni, Mrs. Parul Manoj Soni, Mrs. Dipikaben Virendra Soni and Mrs. Drashti Pal Modi.
The Company’s revenue from operations increased from Rs. 6,752.78 Lakhs in Fiscal 2023 to Rs. 12,452.30 Lakhs in Fiscal 2024, while its profit after tax increased from Rs. 90.94 Lakhs in Fiscal 2023 to Rs. 384.51 Lakhs in Fiscal 2024. Further, revenue from operations increased from Rs. 12,452.30 Lakhs in Fiscal 2024 to Rs. 26,325.18 Lakhs in Fiscal 2025, while profit after tax increased from Rs. 384.51 Lakhs in Fiscal 2024 to Rs. 1,041.23 Lakhs in Fiscal 2025. Additionally, for the period ended December 2025, the Company reported revenue from operations of Rs. 30,872.01 Lakhs and profit after tax of Rs. 1,855.50 Lakhs.
Wealth Mine Networks Limited is the Book Running Lead Manager to the Issue and Purva Sharegistry (India) Private Limited is the Registrar to the Issue.
The Issue is being made through the Book Building Process in terms of Chapter IX of the SEBI (ICDR) Regulations, wherein not more than 50% of the Net Issue shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Net Issue shall be available for allocation to Non-Institutional Investors and not less than 35% of the Net Issue shall be available for allocation to Retail Individual Investors.
SMR Jewels Limited’s IPO To Open On May 26, 2026, Price Band Set At ₹ 128 – ₹ 135 Per Equity Share
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National News9 minutes agoSMR Jewels Limited’s IPO To Open On May 26, 2026, Price Band Set At ₹ 128 – ₹ 135 Per Equity Share
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