Ivana Jewels Raises Rs 2 Crore from Avinya Ventures to Expand Retail Footprint
vana Jewels, a Surat-based brand dealing in lab-grown diamonds and Polki jewellery, has raised Rs 2 crore in seed funding from early-stage investment firm Avinya Ventures, backed by the Jindal Group. The funds will be used to scale up operations, increase marketing, and introduce new jewellery collections.
Today, Ivana Jewels has stores in Noida, Surat, Nagpur, Delhi, and Mumbai, with Chandigarh and Ahmedabad in the pipeline, where seven new stores are underway. The company plans to have 10 stores functioning by its next round of funding and envisages a total of 12-15 stores by FY 2025-26. The firm is also providing franchisee options that will cost Rs 5 crore a store.
Established in 2023, Ivana Jewels is dedicated to blending luxury with sustainability by offering lab-grown diamonds and ageless Polki designs. The firm expects revenue growth of 4 to 5 times in FY 2024-25, targeting Rs 14 crore, and presently has a team of 35 to 40 people dedicated to product innovation and customer experience improvement.
This investment is a milestone for Ivana Jewels and confirms our journey so far," said Ayushi Jindal, Co-founder. "We are focusing on lab-grown diamonds in the 1 to 2 carat segment, as well as bigger stones of 5, 10, and 20 carats, and also increasing our Polki jewellery range. With this investment, we plan to launch new designs, cover more cities, and bring sustainable luxury within reach of more people across India.
Ivana is also revamping its online platform to improve user experience, simplify the buying process, and increase product customization. The brand is seeing high demand in Tier 2 and Tier 3 cities, where lab-grown diamond awareness is growing.
"The lab-created diamond jewellery market is growing very fast, especially in developing urban centers," said Gaurav VK Singhvi, Co-founder of Avinya Ventures. "Customers are increasingly looking for sustainable and cost-effective alternatives to conventional diamonds. Ivana's focus on quality, personalization, and transparency makes them different. We are thrilled to be a part of their mission and assist them in scaling their reach across the country."
Ivana Jewels blends modern craftsmanship with timeless design, providing a thoughtfully edited range of jewellery that balances sustainability with sophistication. Backed by the heritage of the Jindal Group, the brand is building a loyal customer base through bespoke service, open pricing, and superior products.
Today, Ivana Jewels has stores in Noida, Surat, Nagpur, Delhi, and Mumbai, with Chandigarh and Ahmedabad in the pipeline, where seven new stores are underway. The company plans to have 10 stores functioning by its next round of funding and envisages a total of 12-15 stores by FY 2025-26. The firm is also providing franchisee options that will cost Rs 5 crore a store.
Established in 2023, Ivana Jewels is dedicated to blending luxury with sustainability by offering lab-grown diamonds and ageless Polki designs. The firm expects revenue growth of 4 to 5 times in FY 2024-25, targeting Rs 14 crore, and presently has a team of 35 to 40 people dedicated to product innovation and customer experience improvement.
This investment is a milestone for Ivana Jewels and confirms our journey so far," said Ayushi Jindal, Co-founder. "We are focusing on lab-grown diamonds in the 1 to 2 carat segment, as well as bigger stones of 5, 10, and 20 carats, and also increasing our Polki jewellery range. With this investment, we plan to launch new designs, cover more cities, and bring sustainable luxury within reach of more people across India.
Ivana is also revamping its online platform to improve user experience, simplify the buying process, and increase product customization. The brand is seeing high demand in Tier 2 and Tier 3 cities, where lab-grown diamond awareness is growing.
"The lab-created diamond jewellery market is growing very fast, especially in developing urban centers," said Gaurav VK Singhvi, Co-founder of Avinya Ventures. "Customers are increasingly looking for sustainable and cost-effective alternatives to conventional diamonds. Ivana's focus on quality, personalization, and transparency makes them different. We are thrilled to be a part of their mission and assist them in scaling their reach across the country."
Ivana Jewels blends modern craftsmanship with timeless design, providing a thoughtfully edited range of jewellery that balances sustainability with sophistication. Backed by the heritage of the Jindal Group, the brand is building a loyal customer base through bespoke service, open pricing, and superior products.
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