Firefly Diamonds Bags $3 Million in Seed Funding The Indian lab-grown diamond market is projected to exceed $1 billion by 2033, and Firefly Diamonds aims to capitalize on this growing demand with its innovative approach.
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Firefly Diamonds, a rising player in India's lab-grown diamond market, has secured $3 million in seed funding, with WestBridge Capital leading the investment. The company plans to utilize the funds to expand its retail footprint, strengthen its digital presence, and advance research and development for new jewellery collections.
Founded in December 2023 by Adit and Aayush Bhansali, Firefly Diamonds has quickly established itself in a burgeoning industry that is redefining luxury with sustainability at its core. Currently operating stores in Mumbai, Pune, Bengaluru, and Hyderabad, the brand has ambitious plans to scale up to more than 20 locations over the next two years. The Indian lab-grown diamond market is projected to exceed $1 billion by 2033, and Firefly Diamonds aims to capitalize on this growing demand with its innovative approach.
"At Firefly, we draw inspiration from the mesmerizing glow of fireflies, creatures that illuminate the dark and captivate our imagination. Our brand is built on a legacy of trust, innovation, and craftsmanship. With over 60 years of expertise in jewellery manufacturing and design, we ensure that every piece reflects unparalleled quality and excellence," said Adit Bhansali, co-founder of Firefly Diamonds. "With this funding, we wish to usher in a new era of Indian luxury, that celebrates beauty, individuality, and the art of fine craftsmanship."
Lab-grown diamonds have gained significant traction among modern consumers due to their ethical sourcing and affordability. Firefly Diamonds offers pieces at prices 30-40 per cent lower than their natural counterparts, thanks to shorter production cycles. This cost-effectiveness, combined with the growing preference for sustainable luxury, positions the company as a formidable contender in the evolving jewellery landscape.
WestBridge Capital, a global investment firm managing over $7 billion in assets, sees tremendous potential in Firefly Diamonds. With offices in Bangalore, Silicon Valley, and Mauritius, the firm has backed numerous high-growth ventures across various sectors. Sumir Chadha, co-founder and managing partner at WestBridge Capital, expressed confidence in Firefly's vision.
"The demand for lab-grown diamonds is accelerating as consumers become more conscious about sustainability and value. Firefly Diamonds is tapping into this shift with a brand that is both aspirational and accessible. Their approach to design, technology, and ethical sourcing positions them as a leader in this fast-growing space. We are excited to partner with Adit and Aayush on this journey," Chadha said.
