Mumbai-based Firefly Diamonds, a luxury lab-grown diamond jewelry startup, has raised $3 million in a seed round led by WestBridge Capital. The fresh capital will support the brand’s retail expansion, digital experience, and new product development across its growing footprint in India.
Founded by Second-Gen Entrepreneurs
Founded in December 2023 by Adit and Aayush Bhansali, Firefly Diamonds specializes in lab-grown diamonds set in 14K and 18K gold. The founders, hailing from a jewelry background, aim to revolutionize the diamond-buying experience through affordability, sustainability, and transparency.
The company already operates in Mumbai, Pune, Bengaluru, and Hyderabad, with plans to open 20+ new retail locations over the next two years.
100% Made in India
Firefly’s diamonds share the same physical, optical, and chemical properties as mined diamonds but are produced with significantly lower environmental impact. The entire value chain—from growing and cutting to polishing and jewelry setting—is based entirely in India, supporting local craftsmanship.
Consumer-Centric Offerings
To attract modern buyers, Firefly has launched a suite of personalized services:
- Firefly Try at Home – Customers can try on jewelry from home.
- Sparkle Plan – Installment-based savings for jewelry purchases.
- Old Gold Exchange – Trade in old gold for new Firefly jewelry.
- Firefly Reserve – Custom-designed, high-end jewelry pieces.
Industry Context & Growth Potential
India’s lab-grown diamond market is projected to reach $8.31 billion by 2032, growing at a CAGR of 13.73%. Firefly competes with brands like Aukera Jewellery, Limelight, and GIVA, aiming to stand out with its full-stack manufacturing and focus on aspirational design.
Sumir Chadha, co-founder and managing partner at WestBridge Capital, remarked:
“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.”
Looking Ahead
With this funding round, Firefly Diamonds plans to scale rapidly while reinforcing its mission to redefine Indian luxury with modern, sustainable jewelry—celebrating beauty, individuality, and conscious living.