True Diamond Raises $1M Seed Funding Led by Titan Capital, Eyes Offline Expansion in Mumbai & Delhi NCR

~ The brand further aims to scale up the sustainable diamond market in India ~

India, 26^th November 2024: – True Diamond, a pioneering startup in the lab-grown diamond industry, raised $1 million in a seed funding round led by Titan Capital, along with participation from prominent Venture Capital Firms Huddle Ventures, Zeropearl Ventures and personal investments from Ashutosh Valani, Priyank Shah and Aashka Goradia Goble (Co-Founders, RENÉE Cosmetics), Ghazal Alagah (Founder, Mamaearth), Abhishek Goyal (Founder, Tracxn) and Anmol Jain (Founder, Astrotalk).

True Diamond plans to direct the capital into building a skilled team, amplifying brand visibility, and crafting a unique retail experience. This funding will empower the company to onboard jewellery experts/consultants, designers and sales teams, launch exclusive boutique outlets in Mumbai and Delhi NCR, and invest further in branding and marketing initiatives to connect with a broader audience of sustainability-conscious consumers.

Commenting on the investment, Parin Shah, Co-Founder of True Diamond, said, “Darayus Mehta, my Co-Founder and I are humbled to have earned the trust of such distinguished investors at this early stage of our brand. This funding will enable us to expand our team, establish boutique locations, and execute strategic marketing initiatives to strengthen our brand presence. With the expertise and guidance of our investors, we intend to build True Diamond to become one of the renowned brands in the Jewellery industry in the near future.”

Titan Capital spokesperson said, "Lab-grown diamonds are opening up unprecedented opportunities in the jewellery market, especially in India, where consumer demand is surging year-on-year. True Diamond is well-positioned to lead this shift, offering ethically sourced, affordable luxury to a new generation of customers. We are excited to support True Diamond as they drive this transformation, making high-quality diamond jewellery more accessible and empowering for all."

“True Diamond has focussed on three key pillars, garnering incredible customer love by displaying exceptional product quality, superior design and meticulous customer service. All these early indications displayed Parin, Darayus, and the team's superior execution capability, which we are proud to support in this growth journey. At Huddle Ventures, consumer brands focusing on the mentioned three key pillars fall in a different league than others, and we are delighted to back these brands.” said Sanil Sachar, Founding Partner, Huddle Ventures.

Incorporated in January this year, in less than a year, True Diamond already offers an extensive catalogue of 5000 customizable designs, has a customer repeat purchase rate of 1.7 times and is available across the country.