Ivana Jewels raises Rs 2 crore from Avinya Ventures, plans retail expansion

Surat-based lab-grown diamond and Polki jewellery label Ivana Jewels has raised Rs 2 crore in seed funding from Avinya Ventures, a SEBI-registered early-stage venture capital firm. The funding will support the launch of new product lines, expansion into new cities, and enhanced marketing efforts.

“This funding is a big step forward for Ivana by jewels and a strong validation of our journey so far,” said Ivana Jewels co-founder Ayushi Jindal in a press release. “We are focusing on lab-grown diamonds, especially in the one to two carat range, along with larger stones of five, 10, and 20 carats, and expanding our collection of Polki jewelry. With this support, we look forward to introducing fresh designs, opening new stores, and serving our customers better across the country. We believe that lab-grown diamonds are the future of sustainable luxury, and we are excited to make them accessible to a wider audience through our expanding presence.”

Alongside brick-and-mortar growth, the brand is strengthening its digital platform through enhanced product customisation, improved user interface features, and a simplified shopping experience. Backed by a team of 35 to 40 employees, the business is targeting a four to five times revenue increase.

“The lab-grown diamond jewelry market is growing quickly, with huge opportunities across India, especially in Tier 2 and tier 3 cities where awareness is just beginning to pick up,” said Avinya Ventures’ co-founder Gaurav VK Singhvi. “Consumers are now looking for sustainable, affordable alternatives to traditional diamonds, and this segment is only going to get bigger. Their focus on quality, customisation, and making jewelry more accessible makes them stand out. We are excited to support Ivana as they open more stores, reach more customers, and build a trusted name in the jewelry world”

Founded by the Jindal Group in 2023, Ivana Jewels currently operates stores in Noida, Surat, Nagpur, Delhi, and Mumbai, with new outlets planned in Chandigarh and Ahmedabad. The brand aims to scale its retail network to 12 to 15 stores by the end of the 2026 fiscal year. Franchise opportunities are also on offer, with a reported investment of Rs 5 crore for new stores.