Lab-grown diamond jewellery startup ONYA has raised Rs 12.5 crore in a Pre-Series A funding round led by Divisa Family Office. Existing investor Zeropearl VC also participated in the round, increasing its investment following the company’s ₹5.5 crore seed round.
The company said it will deploy the fresh capital towards expanding its physical retail footprint in Pune and Hyderabad, strengthening online customer acquisition and personalisation, and investing in product design and manufacturing R&D. ONYA plans to expand through a combination of company-owned stores and franchise outlets.
Founded by Himani Yadav and Gaurav Choudhary, ONYA currently operates eight stores across Bengaluru, Pune and Hyderabad.
The company said in a press, it has reached monthly recurring revenue of Rs 3.5 crore within 20 months of its launch. Its product portfolio includes lab-grown diamond jewellery, with the company highlighting its patented ‘ONYA Setting’ and the ONYA Signature collection as key design propositions.
The startup’s jewellery is made using IGI-certified lab-grown diamonds and BIS-hallmarked gold, according to the company. ONYA said its expansion strategy will focus on increasing its retail presence while continuing investments in design, manufacturing capabilities and its digital platform.
