Jewelbox, a multi-channel lab-grown diamond player, has successfully raised $3.2 million from its pre-Series A round of funding to fuel its retail expansion initiatives. The funding round was led by V3 Ventures, with participation from Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, and early investor JIIF.

The Shark Tank seen startup plans to use most of the recently raised capital to boost its retail footprint. Presently, Jewelbox operates in eight stores and has a goal to open 30 stores by the end of this year. Besides retail expansion, part of the capital will be used to enhance brand-building efforts and to increase its workforce. The firm intends to hire top managerial personnel from trade and retailing to aid in its growth pattern.

Arjun Vaidya, Co-founder and Managing Partner at V3 Ventures, was excited about the prospects of lab-grown diamonds making luxury democratic in India, given that currently fewer than 6% of Indians own diamonds. He commented on Jewelbox's stunning execution ability in both online and offline platforms, even in their respective core markets, as one of the reasons for their investment.

As Jewelbox expands, it seeks to bring lab-grown diamonds to more consumers, altering long-held notions of luxury and ownership within the diamond industry. The capital will not only support physical growth but also further increase the brand's presence and operational efficiency, putting Jewelbox at the forefront of the shifting marketplace of sustainable luxury.