ONYA Raises Rs 12.5 Crore to Expand Lab-Grown Diamond Jewellery Retail

ONYA, a Bengaluru-based lab-grown diamond jewellery startup, has raised Rs 12.5 crore in a pre-Series A funding round as it looks to expand its retail footprint, accelerate digital customer acquisition and invest further in jewellery design and manufacturing.

The round was led by Divisa Family Office, while existing investor Zeropearl VC doubled down on its investment. The company had previously raised Rs 5.5 crore in a seed round, which also saw participation from angel investors including the founders of MyGate and the founder of UrbanVault.

Founded in 2024, ONYA is building a contemporary fine jewellery brand around lab-grown diamonds, combining technology, personalized design and traditional jewellery craftsmanship.

Building a lab-grown diamond jewellery brand

ONYA was co-founded by Gaurav Choudhary and Himani Yadav.

The Bengaluru-based company offers IGI-certified lab-grown diamonds set in BIS Hallmarked gold. Its positioning focuses on offering contemporary jewellery designs while making lab-grown diamonds more accessible compared with natural diamonds.

According to the company, its lab-grown diamond jewellery provides higher brilliance at approximately 20% of the cost of natural diamonds.

ONYA also offers a Lifetime Exchange and Buyback promise as part of its customer proposition.

The company has developed its own patented ring setting, called the ONYA Setting, and has created the ONYA Signature Collection.

The Signature Collection draws inspiration from Neoclassical architecture and forms part of the company's effort to differentiate its products through design rather than competing solely on price.

From digital-first brand to physical retail

ONYA has been expanding its physical presence alongside its online business.

The company says it currently has eight flagship stores across major high streets in Bengaluru, as well as locations at Amanora Gold Souk Mall in Pune and Road No. 36 in Jubilee Hills, Hyderabad.

The startup says it has scaled to Rs 3.5 crore in monthly recurring revenue.

The new funding will allow the company to increase its retail footprint while continuing to build its digital customer acquisition engine.

ONYA plans to expand through a combination of company-owned stores and franchise locations, giving it multiple routes to enter new markets without relying exclusively on directly operated stores.

Funding focused on expansion and product development

ONYA plans to deploy the Rs 12.5 crore across several areas of the business.

A significant portion will go toward expanding its retail footprint and reaching customers in additional markets.

The company also plans to increase spending on digital customer acquisition and online personalization.

Another part of the capital will be directed toward research and development, particularly product design and manufacturing.

For a jewellery brand, this combination is important because the customer experience extends beyond the stone itself. Design, personalization, manufacturing quality, retail presentation and after-sales services can all influence purchasing decisions.

ONYA's patented setting and Signature Collection are examples of how the company is attempting to create proprietary elements within its product portfolio.

India's lab-grown diamond market heats up

ONYA is raising capital at a time when investor interest in India's lab-grown diamond jewellery market is increasing.

According to the source, nine pure-play lab-grown diamond startups collectively raised $26.4 million in 2025, compared with $4.7 million in 2024.

Several brands have raised capital to expand their retail operations, manufacturing capabilities or product offerings.

Aukera raised Rs 90 crore in debt funding in July 2026 after previously raising a $15 million equity round led by Peak XV Partners.

Limelight Lab Grown Diamonds raised Rs 275 crore in a strategic funding round to support manufacturing and retail expansion.

GIVA, which operates the lab-grown diamond brand Heer, raised Rs 530 crore in a Series C round.

Other funded companies in the segment include Jewelbox, Lucira Jewellery, True Diamond and Fiona Diamonds.

This growing group of brands indicates that the market is becoming increasingly competitive, with companies experimenting with different combinations of retail, digital commerce, manufacturing and product differentiation.

Competing on design, value and accessibility

ONYA competes with brands such as Aukera, Limelight, Jewel Box, Fiona and other lab-grown diamond jewellery companies.

Its strategy combines relatively accessible pricing with branded jewellery design and physical retail.

The company's emphasis on IGI certification and BIS Hallmarked gold is also intended to establish trust around the materials used in its products.

Its Lifetime Exchange and Buyback promise adds another component to the customer proposition, particularly in a category where consumers may compare lab-grown diamonds with traditional natural diamond jewellery.

The company is also attempting to create recognizable intellectual property through its patented ONYA Setting and its Signature Collection.

The next phase of growth

The latest funding gives ONYA capital to accelerate a strategy that has already moved beyond an online-only model.

With eight flagship stores, locations in Bengaluru, Pune and Hyderabad, and reported monthly recurring revenue of Rs 3.5 crore, the company is now looking to expand its geographic footprint.

Its planned combination of company-owned stores and franchises could allow ONYA to reach more cities while controlling how quickly it commits capital to physical expansion.

At the same time, investments in digital acquisition and personalization will allow the company to continue building its online customer base.

The larger opportunity for ONYA is tied to the growing acceptance of lab-grown diamonds in fine jewellery. As more brands enter the category, companies will need to differentiate themselves through product design, customer experience, trust, pricing and distribution.

ONYA is now using its latest Rs 12.5 crore round to pursue that differentiation while scaling its retail presence across India.