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Jewelbox Secures Rs 3.5 Crore Funding Led by JIIF, a Community-Based Angel Network

In a significant development for the jewelry industry, Jewelbox has successfully raised Rs 3.5 crore in a funding round led by JITO Incubation and Innovation Foundation (JIIF), a prominent community-based angel network in India. JIIF spearheaded the round with an investment of Rs 2.97 crore, with additional contributions from close friends and family members.

Founded in 2022 by Nipun Kochar and Vidita Kochar, Jewelbox, under the banner of Riyaana Creations Pvt. Ltd., is based in Kolkata. The startup specializes in crafting exquisite jewelry using lab-grown diamonds, offering sustainable luxury that symbolizes empowerment and beauty.


Expressing his enthusiasm about the funding, Nipun Kochar, Co-founder of Jewelbox, stated, "We are thrilled to receive mentorship from industry veterans who have joined in this round. Building Jewelbox has been an extraordinary journey, fueled by our collective passion for redefining luxury with lab-grown diamonds. Our commitment to quality and sustainability drives every aspect of our business, and through this investment, we are eager to amplify our impact within the industry."


The funds raised will primarily be allocated towards team expansion and the establishment of more retail stores, according to a press release.


Chairman of JITO Incubation and Innovation Foundation, Rajat Mehta, commented on the investment, stating, "Jewelbox's innovative approach to crafting exquisite jewelry with lab-grown diamonds resonates with today's conscious consumers. We believe that their dedication to quality and sustainability will drive significant growth within the industry, enhancing both quality and sustainability."


As per findings by Teji Mandi, the demand for lab-grown diamonds is anticipated to reach 160 million carats by 2030, underscoring the increasing acceptance of lab-grown diamonds within India.


This funding round signifies a milestone for Jewelbox as it seeks to expand its presence and make a lasting impact within the jewelry industry, offering consumers a blend of luxury, sustainability, and craftsmanship.


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