India’s direct-to-consumer (D2C) jewellery sector has attracted $103 million in funding in 2023, according to recent data from market intelligence firm Tracxn. With over 550 D2C jewellery startups, India has surpassed the United States in global funding share within this segment, highlighting the country’s growing significance in the digital jewellery market.
Record-Breaking Funding Growth
Funding in India’s D2C jewellery sector rose considerably, increasing by 57 percent from $66.3 million in 2022 to $104 million by the end of 2023. The third quarter alone saw $71.5 million in investments, marking the highest funding level in a single quarter for this sector in India.
Bengaluru, Chennai, and Mumbai are the leading cities for D2C jewellery funding, with Bengaluru contributing 77 per cent of the total. This trend points to Bengaluru’s role as a key location for tech-driven D2C jewellery innovation in the country.
Global Context: India Takes the Lead in D2C Jewellery Funding
India now accounts for over 40 per cent of global funding in the D2C jewellery sector, ahead of other major markets including the United States and Finland. This growth is attributed to demand for personalised and digital shopping experiences, with technologies like virtual try-on tools, AI personalisation, and customisation options meeting evolving consumer expectations.
“With the sector continuing to grow and mature, brands that can adapt to changing demands, focus on sustainability, and leverage digital platforms are poised to lead the next phase of growth,” noted Neha Singh, Co-Founder of Tracxn. Singh described the sector’s development as an “exciting era of reinvention” for both Indian and global jewellery markets.
Key Market Players: Significant Funding for Established Brands
BlueStone, a prominent D2C jewellery brand, has raised $193 million through five rounds over the past two years. Its subscription-based model aims to appeal to consumers seeking flexible purchasing options.
In the health-tech jewellery segment, Ultrahuman has raised $39.6 million through three rounds in the same period. Its smart rings combine jewellery with health-monitoring features, reflecting a trend towards wellness-focused wearables.
The Future of D2C Jewellery in India
The growth in India’s D2C jewellery sector reflects shifts in consumer and investor priorities, with an emphasis on sustainability, digital-first experiences, and customisation. Demand for such offerings is expected to continue supporting market expansion, creating a dynamic landscape for jewellers who can align with these trends.
