True Diamond raises Rs 26 crore in pre-series A funding round

Lab-grown diamond jewellery brand True Diamond has raised Rs 26 crore ($3 million) in a pre-series A funding round led by India Quotient, with participation from existing investors Titan Capital Winners Fund and Huddle Ventures.

The company will utilise the funds to accelerate its omnichannel strategy, focusing on offline expansion. It already has retail outlets in Mumbai, Hyderabad, and Noida with plans to launch more stores across metro cities.

Commenting on the funding, Parin Shah, founder of True Diamond in a statement said, “We never wanted to be just another jewellery brand. We’re building a next-gen brand experience, through high-quality lab-grown diamonds, cutting-edge content, and a retail journey that breaks away from the conventional. This round gives us the ability to scale this vision faster.”

Sahil Makkar of India Quotient added, “We see immense potential in the lab-grown diamond and gold combination as a category within the massive jewellery market. Under the leadership of Parin and Darayus, we’ve observed True Diamond evolving into an aspirational omnichannel retailer within this segment, and we are thrilled to be a partner in this journey.”

Founded in early 2024 by Darayus Mehta and Parin Shah, True Diamond offers a variety of products, including rings, earrings, pendants, necklaces, mangalsutras, bracelets, tennis bracelets, amongst others.