Indian D2C Jewellery Segment Secures $103 Million in Funding, Outpacing US
The Indian direct-to-consumer (D2C) jewellery sector, which boasts over 550 startups, has raised $103 million in funding so far this year, as reported on Thursday.
In 2023, the total funding for the D2C jewellery segment in India reached $104 million, marking a 57% increase from $66.3 million in 2022, according to market intelligence platform Tracxn. The third quarter (Q3) of this year was particularly notable, setting a record with $71.5 million in funding—the highest for the segment to date.
Bengaluru, Chennai, and Mumbai are the leading cities for D2C jewellery investments, with Bengaluru alone contributing over 77% of the total funding.
Globally, India now leads the D2C jewellery sector in funding share, surpassing the US and Finland and accounting for over 40% of total global investments.
Neha Singh, Co-Founder of Tracxn, stated, “As the sector continues to grow and evolve, brands that adapt to changing consumer demands, emphasize sustainability, and utilize digital platforms are likely to spearhead the next growth phase. We are witnessing an exciting era of reinvention in the jewellery market, both in India and worldwide.”
The surge in funding is largely driven by shifting consumer preferences towards personalized and convenient shopping experiences, alongside advancements in technology such as virtual try-on tools and AI-driven personalization. The industry’s emphasis on sustainability and customization has further propelled its growth, attracting both investors and consumers.
Prominent players in the sector include BlueStone, which has raised $193 million over the past two years through five consecutive funding rounds, and Ultrahuman, which secured $39.6 million across three rounds for its smart health rings.
Leading investors in this space include Saama Capital, Accel, and Kalaari Capital.
