Ivana Jewels, a Surat-based lab-grown diamond and Polki jewelry brand has raised ₹2 crore in seed funding round from Avinya Ventures, a SEBI-registered early-stage venture capital firm.
The funds raised will be used to launch new product lines, strengthen marketing activities, expand into new cities and build a strong retail network across India.
Founded in 2023 by Ayushi Jindal and backed by the Jindal Group, Ivana Jewels is known for its elegant lab-grown diamond and timeless Polki jewelry collections. Currently, the brand has stores in Noida, Surat, Nagpur, Delhi, and Mumbai, and is now preparing to open new outlets in Chandigarh and Ahmedabad.
With the expansion underway, the company plans to operate 10 stores shortly, with a goal to reach 12–15 stores by the end of FY 2025–26. The company also offers franchise opportunities, with an estimated investment of ₹5 crore for a new store.
In addition to expanding its retail footprint, IVANA Jewels is increasing its digital presence by adding more products to its online platform and improving the customization process. This includes updating user interface elements, providing personalization options, and simplifying the buying process.
The company has a workforce of 35–40 people and is targeting 4x–5x growth in revenue, aiming to reach ₹14 crore in FY 2024–25. Their focus is on delivering a personalized shopping experience, both online and offline, as they scale across India.
Ayushi Jindal, Co Founder, Ivana Jewels, said, “This funding is a big step forward for IVANA by jewels and a strong validation of our journey so far. We are focusing on lab-grown diamonds, especially in the 1–2 carat range, along with larger stones of 5, 10, and 20 carats, and expanding our collection of Polki jewelry. With this support, we look forward to introducing fresh designs, opening new stores, and serving our customers better across the country. We believe that lab-grown diamonds are the future of sustainable luxury, and we are excited to make them accessible to a wider audience through our expanding presence.”
Gaurav VK Singhvi, Co founder of Avinya Ventures said, “The lab-grown diamond jewelry market is growing quickly, with huge opportunities across India, especially in tier 2 and tier 3 cities where awareness is just beginning to pick up. Consumers are now looking for sustainable, affordable alternatives to traditional diamonds, and this segment is only going to get bigger. Their focus on quality, customization, and making jewelry more accessible makes them stand out. We are excited to support IVANA as they open more stores, reach more customers, and build a trusted name in the jewelry world.”
