Brands
Lucira shines bright with 5.5m dollars seed round led by Blume Ventures
MUMBAI: Lucira Jewelry is proving that lightning and sparkle can strike twice. The fine jewellery startup, founded by ex-Candere creator Rupesh Jain alongside Vandana Jain, has raised a dazzling 5.5 million dollars in seed funding, the largest seed round ever for a jewellery startup in India.
The round was led by Blume Ventures, with participation from Spring Marketing Capital, Siriusone Capital Fund, and marquee individual investors including the founders of Dot & Key, Livspace, Snitch, and Bewakoof. The raise marks a strong show of faith in Jain’s ‘second innings’ after successfully building Candere, later acquired by Kalyan Jewellers.
Lucira is positioning itself as a design-first, sustainable luxury brand aimed at India’s new-age jewellery buyers who want more than just investment value. They want authenticity, craftsmanship, and emotional connection. Since its launch, Lucira has built a portfolio of 1,000 plus customisable lab-grown diamond designs, all IGI/GIA/SGL/BIS certified and backed with lifetime exchange and buyback guarantees.
The brand is also stepping into physical retail, with its first Mumbai store opening this month and plans to add four flagship outlets by the end of FY 2026. The fresh funds will fuel this omni-channel expansion while strengthening digital-first buying experiences and technology-driven personalisation.
“Indian consumers are moving beyond jewellery as mere investment,” said Lucira, co-founder, Rupesh Jain. “They want design, trust, and a brand they can emotionally connect with. With this backing, we’re ready to make Lucira India’s most trusted design-first fine jewellery brand.”
For Blume Ventures, it’s a chance to back a category they see ripe for disruption. “Rupesh has already proven his ability to build and scale with Candere,” said Blume, managing partner, Karthik Reddy. “What excites us most is Lucira’s omni-channel vision, blending cutting-edge digital with physical retail to create a category-defining brand.”
With capital in hand, Lucira is doubling down on design leadership, scaling its studio, hiring top talent, and embedding consumer trust at every step. As Jain puts it, “We’re not just selling jewellery, we’re shifting mindsets.”
Cumulative Ventures advised the transaction, with Novolex serving as legal counsel.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
