Firefly Diamonds, an emerging name in the lab-grown diamond jewellery sector, has raised $3 million in a seed funding round led by WestBridge Capital.
The Mumbai-based brand plans to use the fresh capital to accelerate its retail expansion, strengthen its digital presence, and invest in research and development for innovative jewellery collections.
Founded by brothers Adit Bhansali and Aayush Bhansali, Firefly Diamonds offers lab-grown diamonds that are identical to natural ones in appearance and composition, with significantly reduced environmental impact.
The brand specializes in fine jewellery crafted with 14K and 18K gold.
Currently, Firefly Diamonds has stores in Mumbai, Pune, Bengaluru, and Hyderabad, with ambitious plans to expand to over 20 cities within the next two years.
Also Read: Milind Sharma Joins Delhivery as Head of Rapid Commerce and D2C Brands
The lab-grown diamond market in India is witnessing increased competition, with Firefly Diamonds going up against brands like COLUXE, Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox. GIVA, backed by Aditya Birla, has also entered the segment with its own lab-grown diamond collection.
With this funding, Firefly Diamonds aims to solidify its position as a leading sustainable luxury jewellery brand in the growing lab-grown diamond industry.
