Firefly Diamonds, a startup specializing in lab-grown diamonds, has secured $3 million in a seed funding round led by WestBridge Capital.
The company plans to use the new funds to expand its retail footprint and enhance research and development for upcoming jewellery collections. Firefly operates stores in Mumbai, Pune, Bengaluru, and Hyderabad, with plans to expand to over 20 locations within the next two years. This investment comes as competition intensifies in India’s growing $2.6 billion lab-grown diamond market, where several startups have recently raised capital or are nearing investments from major backers.
“Our brand is built on a legacy of trust, innovation, and craftsmanship. With over 60 years of jewellery manufacturing and design expertise, we ensure that every piece reflects unparalleled quality and excellence… 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 Adit Bhansali, co-founder of Firefly Diamonds.
Founded in December 2023, Firefly specializes in lab-grown diamonds jewelry crafted from 14K and 18K gold. The company also offers a variety of customer-focused services, including Firefly Try at Home, the Firefly Sparkle Plan—a savings program with instalments for purchasing the ideal jewellery piece, an Old Gold Exchange program, and Firefly Reserve—an exclusive line of personalized, high-end bespoke jewellery.
Firefly’s funding comes as India’s emerging lab-grown diamond (LGD) market experiences rapid growth. The market was valued at $2.61 billion in 2023 and aims to reach $8.31 billion by 2032, growing at a compound annual growth rate (CAGR) of 13.73%, according to the management consulting firm Technopak.
