India, July 10 -- D2C lab-grown diamond jewellery brand Jewelbox is in talks to raise Rs.50 Cr (about $5.2 Mn) in a new funding round, sources told Inc42.

The funding round will be led by Physis Capital and will also see participation from existing investor V3 Ventures. The startup's post-money valuation will be around Rs.300 Cr (about $31 Mn), the sources added.

The discussions are in advanced stages and the round is likely to be closed in a few weeks, one of the sources said.

The startup plans to deploy the fresh capital to shore up its retail presence in existing cities like Delhi and Bengaluru and open new stores in cities like Chandigarh and Bhubaneshwar.

Jewelbox declined to comment on Inc42's queries on the development.

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