True Diamond raises USD 1 mln in seed funding to expand lab-grown diamond venture

True Diamond, a startup specializing in lab-grown diamonds, on Tuesday said it has secured USD 1 million in a seed funding round led by Titan Capital.

The funding round also saw participation from Huddle Ventures, Zeropearl Ventures, and several notable angel investors including founders from RENÃ E Cosmetics, Mamaearth, Tracxn, and Astrotalk.

The funding will be used to expand the team, establish boutique outlets in Mumbai and Delhi NCR, and enhance marketing efforts, the company said in a statement.

Since its incorporation in January, True Diamond has already developed a catalogue of 5,000 customizable designs and achieved a customer repeat purchase rate of 1.7 times, it added.

Parin Shah, Co-Founder of True Diamond, said the investment would help the company build its brand and become a significant player in the jewellery industry.

"This funding will enable us to expand our team, establish boutique locations, and execute strategic marketing initiatives," Shah said.

Titan Capital noted the growing demand for lab-grown diamonds in India, highlighting the market potential for ethically sourced and affordable luxury jewellery.

The company aims to target sustainability-conscious consumers by offering high-quality, customizable diamond jewelry through its expanding retail network.