Shark Tank India Season 3: A lot of business owners dazzle the sharks with their concept and profits. One such company, “Jewelbox,” attended the event. The startup, which is associated with the diamond industry, was featured in the most recent episode. But the jewellery that this startup offers for sale isn’t made of diamonds. These diamonds are prepared in a laboratory. These are phoney diamonds, but it is impossible to tell which ones are real and which ones are fake if you use a pentester to examine them. This startup, called Jewelbox, was founded in 2022 by Vidita and Nipun Kochhar, two siblings.
Shark Tank India Season 3: Jewelbox Bags All Shark Deal
This season’s first startup has a deal with all five sharks, meaning that every shark has contributed money to it. This startup had requested an initial valuation of Rs 50 crore during its pitch. He had made an offer under this to pay Rs 1 crore for 2% equity. The company’s sales for the fiscal year 2022–2023 came to Rs 3.8 crore, and in 2023–2024, it is expected to generate sales of approximately Rs 12 crore.
This startup is currently funded entirely through bootstrapping, but a term sheet worth Rs 45 crore has been signed, and funds will soon be deposited into the business’s account. Vidita and Nipun gave 6 per cent equity in exchange for an investment of Rs 2 crore after negotiating with all the sharks for a very long time, resulting in a valuation of Rs 33.33 crore. He did, however, receive the All 5 Sharks deal in exchange, which not everyone can.
About the Brand
Vidita first learned of this in 2021, when her husband Aman proposed to her to marry him and presented her with a large diamond ring. When Vidita questioned why such an expensive ring was necessary, Aman explained that the diamond was grown in a lab, not naturally occurring in the stone. Following this, Vidita—a CA by trade and an MBA from the Indian School of Business in Hyderabad—talked about it with her brother Nipun. Together, Nipun and other CAs founded a business that markets jewellery made with lab-grown diamonds.