Firefly Diamonds, a startup specializing in lab-grown diamond jewellery, has raised $3 million in a seed funding round led by WestBridge Capital.
The fresh funds raised will be used to expand its retail presence and accelerate research and development for new jewellery collections. Currently, Firefly operates stores in four cities—Mumbai, Pune, Bengaluru, and Hyderabad—and aims to grow its presence to over 20 locations within the next two years.
Adit Bhansali, co-founder of Firefly Diamonds, said, “Our brand is built on a legacy of trust, innovation, and craftsmanship. With over 60 years of expertise in jewellery manufacturing and design, we ensure that every piece reflects unparalleled quality and excellence. With this funding, we wish to usher in a new era of Indian luxury, celebrating beauty, individuality, and fine craftsmanship.”
“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. Their approach to design, technology, and ethical sourcing positions them as a leader in this fast-growing space. We are excited to partner with Adit and Aayush on this journey,” said Sumir Chadha, co-founder and managing partner at WestBridge Capital.
Founded in December 2023 by Adit and Aayush Bhansali, Firefly offers a range of lab-grown diamond jewellery set in 14K and 18K gold. The brand also provides several customer initiatives, such as the Firefly Try at Home service, the Firefly Sparkle Plan (an instalment-based savings plan), an Old Gold Exchange program, and Firefly Reserve, a bespoke line of high-end jewellery.
Firefly harnesses advanced technology to produce lab-grown diamonds that possess the same physical, optical, and chemical properties as mined diamonds, while significantly reducing environmental impact.
The brand has stores across 4 cities currently – Mumbai, Pune, Bengaluru, and Hyderabad with a plan to expand to over 20 locations within the following two years.
