In a country where gold and diamonds have long been bought for weddings and stored in bank lockers, a Bengaluru start-up is betting that the next generation of Indian women wants fine jewellery they can wear every day.
ONYA, a lab-grown diamond jewellery brand co-founded by Himani Yadav and Gaurav Choudhary, has raised ₹12.5 crore in a pre-Series A funding round led by Divisa Family Office, the company announced on Thursday, September 24.
Existing investor Zeropearl VC doubled down on its investment in the round. Zeropearl had led ONYA's ₹5.5-crore pre-seed round in November 2025. The founders of MyGate and UrbanVault also participated as angel investors, according to Indian Startup News.
Eight stores in 20 months
ONYA was founded in 2024 and has scaled quickly. Within 20 months of launch, it has opened eight flagship stores, which it calls experience centres, across Bengaluru, Pune and Hyderabad. The company says it has reached a monthly recurring revenue of ₹3.5 crore, according to YourStory and StartupTalky.
That is a notable figure for a company of its age in a category that requires significant investment in inventory, retail space and customer trust. Jewellery is a high-value, high-consideration purchase, and physical stores remain important for customers who want to see, touch and try on pieces before buying.
The brand sells certified lab-grown diamonds set in hallmarked gold. Its diamonds are certified by the International Gemological Institute (IGI), and its gold is hallmarked under standards set by the Bureau of Indian Standards. ONYA offers a lifetime exchange policy and an 80% buyback policy on its lab-grown diamonds, which addresses one of the biggest concerns buyers have about the category: resale value.
The company's product range includes the ONYA Signature collection, inspired by neoclassical architecture, and what it describes as its patented ONYA Setting.
Where the money will go
ONYA plans to use the new capital to open more stores, with a focus on Pune and Hyderabad, and to grow through both company-owned and franchise outlets. It also plans to strengthen digital customer acquisition, improve online personalisation, and deepen research and development in jewellery design and manufacturing.
The balance between physical and digital retail is central to ONYA's strategy. While many direct-to-consumer brands in India started online and later added stores, jewellery brands often need physical presence from the start. ONYA's approach appears to be to use stores to build trust and brand awareness, and digital channels to reach customers more efficiently and personalise the buying experience.
The rise of lab-grown diamonds
ONYA is part of a wave of Indian start-ups building brands around lab-grown diamonds, which are chemically, physically and optically identical to mined diamonds but are produced in controlled environments rather than extracted from the earth.
India has become one of the world's most important centres for the lab-grown diamond industry. Surat, already the global hub for cutting and polishing mined diamonds, has also emerged as a major centre for producing and processing lab-grown stones. The Indian government has supported the sector in recent years, including by removing customs duty on the seeds used to grow lab-grown diamonds in the 2023 Union Budget and funding research into the technology.
For consumers, the main attraction is price. Lab-grown diamonds typically cost a fraction of mined diamonds of comparable size and quality, allowing buyers to afford larger stones or more frequent purchases. Many younger buyers also see them as a more ethical and environmentally responsible choice, because they avoid the social and ecological concerns associated with some mining operations.
Challenging the locker mindset
ONYA's pitch goes beyond price. The founders have argued that fine jewellery should not be locked away in safes and brought out only for rare occasions, but should be worn and enjoyed every day.
That positioning targets a clear shift in consumer behaviour. Working women in India's cities increasingly want jewellery that is lightweight, contemporary and suitable for the office as well as social occasions. Traditional jewellers, whose collections are often designed around weddings and festivals, have not always met that demand.
Lab-grown diamonds make everyday fine jewellery more accessible. A pair of diamond earrings or a pendant that might once have been an occasional luxury can become a regular purchase, a gift or a self-reward.
A woman-led brand in a traditional industry
Himani Yadav's role as co-founder is notable in an industry that has historically been dominated by family-owned businesses, often run by men, even though women are its primary customers.
Women-led brands have been among the most visible success stories in India's consumer and beauty markets in recent years. Founders who understand how women shop, what they value and how they wear products can often design better experiences than legacy businesses. ONYA's focus on everyday wear, transparent certification and buyback guarantees reflects that customer-first thinking.
The investor mix also reflects confidence from India's start-up ecosystem. The participation of founders of MyGate and UrbanVault as angel investors suggests that experienced operators see potential in the business model.
The challenges ahead
Despite its rapid growth, ONYA faces significant challenges. The lab-grown diamond market is becoming crowded, with a growing number of start-ups and established jewellers entering the category. Competition on price and marketing is intensifying.
Lab-grown diamond prices have also fallen significantly over the past few years as production capacity has expanded. That has made the product more affordable but has raised questions about long-term value, which is one reason buyback and exchange policies have become important competitive tools.
Scaling physical retail is another challenge. Each new store requires capital, inventory and trained staff. The move towards franchise stores could help ONYA expand faster with less capital, but it will require careful management to maintain brand consistency and customer experience.
What comes next
With fresh capital, a growing store network and a clear brand positioning, ONYA is well placed to become one of the leading names in India's lab-grown diamond jewellery market. Its next phase will test whether it can sustain growth as it expands into new cities and faces more competition.
For India's women entrepreneurs, ONYA's story is an encouraging example of how founders can build a modern brand in one of the country's oldest and most traditional industries. For consumers, it is part of a broader change in how Indians think about jewellery — not as something to be stored away, but as something to be worn and enjoyed every day.
