Firefly Diamonds raises $3 million in seed funding, plans brick-and-mortar expansion

Lab grown diamond jewellery business Firefly Diamonds has secured $3 million in seed funding from investors including WestBridge Capital. The business plans to scale up its operations and count stores in over 20 locations in the coming two years. 

“With this funding, we wish to usher in a new era of Indian luxury that celebrates beauty, individuality, and the art of fine craftsmanship,” said Firefly Diamonds’ co-founder Adit Bhansali, ET Tech reported. 

Firefly Diamonds currently operates stores in Bengaluru, Mumbai, Pune, and Hyderabad. Along with strengthening its brick-and-mortar network, the business plans to use its new funds to bolster its research and development and to expand its digital presence. 

“The demand for lab grown diamonds is accelerating as consumers become more conscious about sustainability and value,” said WestBridge Capital’s co-founder and managing partner Sumir Chadha, ET Bureau reported. “Firefly Diamonds is tapping into this shift with a brand that is both aspirational and accessible. Their approach to design, technology, and ethnical sourcing positions them as a leader in this fast-growing space.” 

Adit Bhansali and Aayush Bhansali launched Firefly Diamonds in 2023 to retail a range of lab grown diamond jewellery set with 14 and 18 carat gold, according to its website. The brand’s entire supply chain is based in India and it also offers an old gold exchange programme.