Jewelbox, founded by Vidita & Nipun, is a company that promotes lab-grown diamonds, a trend in India, where 36% of foreigners prefer them over genuine diamonds due to their reduced cost.
Source: LinkedIn
Vidita & Nipun Biography: The foundational members of Jewelbox mesmerized the predators with their notion of laboratory-grown diamonds. In keeping with the trend observed in other nations, India is also embracing the practice of adorning special occasions such as weddings, engagements, and proposals with lab-grown diamonds. The founders disclosed that approximately 36% of foreigners favor lab-grown diamonds over genuine diamonds due to their reduced cost. The proprietors of Jewelbox secure an all-sharks agreement for Season 3 of Shark Tank, advancing this incredible concept.
Vidita Kochar and Nipun Kochar, the proprietors of Jewelbox, are natives of Kolkata, West Bengal. Ceredt-certified accountants are they. Nipun obtained his Bachelor of Commerce degree from St. Xavier’s College. In addition, he attended Harvard Summer School in pursuit of a finance certificate. Nipun previously operated for six years under the name Planmyad, another business. He presently serves as the CEO and co-founder of Jewelbox.
| Name | Nipun Kochar |
| Gender | Male |
| Age | Approx 33 years old |
| Alma Mater | St. Xavier’s College |
| Education | Bachelors of Commerce |
| Profession | Entrepreneur |
| Known For | CEO & Founder of Jewelbox |
| Shark Tank Offer | Rs. 2 Crore for 6% equity at the valuation of Rs. 33.33 crore |
| Deal With | Shark Aman Gupta, Founder and CMO of boAt, Shark Radhika Gupta, MD & CEO of Edelweiss Asset Management Limited, Shark Ritesh Agarwal, founder and CEO of OYO Rooms, Shark Vineeta Singh, CEO & Co-Founder of Sugar Cosmetics, and Shark Peyush Bansal, founder & CEO of Lenskart. |
B.com and chartered accounting are both degrees that Vidita Kochar obtained from St. Xavier’s College, Kolkata. She holds an MBA from the Indian School of Business, where she completed her graduate studies. She accompanied Nipun to join Planmyad for five years. Vidita has nearly two years of experience with Swiggy in the capacity of senior category manager. She founded Jewelbox in December 2021, after the lab-grown diamond that her spouse Aman presented her on their engagement. At present, she serves as the CMO and co-founder of Jewelbox.
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| Name | Vidita Kochar |
| Gender | Female |
| Age | Approx 28 Years old |
| Alma Mater | Indian School of Business |
| Education | Masters Of Business Administration |
| Profession | Entrepreneur |
| Known As | Co-founder & CMO of Jewelbox |
Nipun Kochar is approximately 33 years old, whereas Vidita Kochar, his business partner, is approximately 28 years old. They each made a unique contribution to the organization. Nipun is in charge of all financial matters and transactions. Vidita Kochar is responsible for sales and marketing.
These gems are created in laboratory settings. The laboratory replicates the actual diamond-making procedure to prepare the diamond. The germ of natural alignment is introduced into the 23,000-degree Fahrenheit operating reactor. The pressure application method utilized for the gas mixture is identical. It takes tens of thousands of years to form it in reality, but laboratories can form 1 carrot diamond within 20-21 days by depositing carbon. The Jewelbox Surat apparatus is responsible for finishing, polishing, and cutting.
It differs significantly from cubic zirconia, a plastic that resembles a diamond. Additionally, they utilized the pen tester to authenticate the diamond. This pen detector determines whether or not a diamond is genuine by analyzing the stone’s thermal conductivity. The process by which lab-grown diamonds are produced reduces the price of diamonds for consumers. The actual diamond value will range between Rs 3.5 and 4.5 lakhs. Lab-grown, on the other hand, will cost Rs. 55,000.
Jewelbox sources diamonds from these diamond producers. A team that uses their original designs sorts the diamonds. After undergoing a quality examination, the diamonds are certified and hallmarked. The organization presently operates two retail locations. They have immediate plans to open the third location.
The Shark Tank Experience of Jewelbox Founders Nipun and Vidita presented their company on the show. They requested Rs. 1 crore in exchange for 2% of the company’s Rs. 50 crore valuation. Shark Aman presented the initial offer to them. It was valued at Rs. 20 crore and was for Rs. 1 crore with 5% equity and 2% royalty until Rs. 1 crore was recouped. Radhika Gupta, a shark, accepts the proposition.
Shark Vineeta matches the initial offer of the proprietors of Jewelbox and provides Rs. 1 crore in exchange for 2% equity at a market capitalization of Rs. 50 crore. Shark Ritesh subsequently joined Vineeta with an offer of Rs. 1 crore in exchange for 2.5% equity at a valuation of Rs. 40 crore. Shark Peyush, Shark Vineeta, and Shark Ritesh were also intrigued by it and joined forces with them; their offer remained unchanged.
Shark Aman and Shark Radhika reduced the valuation of the offer from Rs. 44.44 crore to Rs. 1 crore for 2.25 percent equity. They request that all predators enter with a counteroffer of Rs. 2 crore for 4% equity at a valuation of Rs. 50 crore. Sharks has counteroffered Rs. 2 crore in exchange for 6% equity in Rs. 33.33 crore. They accepted the offer.
Shark Radhika Gupta, MD & CEO of Edelweiss Asset Management Limited, Shark Aman Gupta, Founder and CMO of boAt, Shark Ritesh Agarwal, Founder and CEO of OYO Rooms, Shark Vineeta Singh, CEO & Co-Founder of Sugar Cosmetics, and Shark Peyush Bansal, Founder and CEO of Lenskart, all contribute to the closing of the transaction.
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