Solitario Lab Grown Diamonds raises $3.6M in pre-IPO funding
The newly raised capital will be used to expand Solitario's retail network both domestically and internationally, enter new geographical markets, enhance branding and marketing initiatives.
Lab-grown diamond brand Solitario Lab Grown has raised $3.6 million in a pre-IPO funding round.
The funding round attracted notable investors including Neeraj Gupta (Founder of Meru Cabs), Mauritius-based FPI Investi Global, Vicco Group, and Seema Manish Nuwal (Promoter, Solar Industries), along with several ultra-high-net-worth individuals including Amit Agarwal, Rajesh Singla, Garima Theti, and Sandeep Singh, a company statement said on Tuesday.
Co-founded by jewellery industry veteran Ricky Vasandani, and Bollywood actor Vivek Oberoi, Solitario crafts sustainable, eco-conscious diamond jewellery including necklaces, rings, earrings, bracelets, and pendants.
"The newly raised capital will be used to expand Solitario's retail network both domestically and internationally, enter new geographical markets, enhance branding and marketing initiatives, broaden its product portfolio, and strengthen its manufacturing capabilities," Co-founder Vivek Oberoi, said.
The company has a strong retail presence, with 18 stores across 10 major Indian cities and an international footprint of 38 outlets in Dubai, Malaysia, and Spain.
Ricky Vasandani, CEO of Solitario said in the statement, "This investment validates our vision of creating beautiful, sustainable jewellery that doesn't compromise our planet's future.”
The company's lab-grown diamonds possess the same physical, chemical, and optical properties as mined diamonds, but are 40-50% more cost-effective and environmentally sustainable. Solitario's collection ranges from everyday wear to high-end luxury pieces.
Solitario operates a manufacturing facility in Surat, spanning 30,000 square feet and employing over 300 people. The company has also entered into an exclusive collaboration with PNG to launch stores in seven cities.
Socradamus Capital Pvt Ltd acted as the advisor to the transaction.
In FY2024, the company reported revenues of Rs 52 crore, demonstrating significant growth from Rs 24.3 crore in FY2023.
The Indian gem and jewellery market is projected to grow from $43 billion in 2021 to $91 billion by 2025.
The lab-grown diamond market, currently valued at $250 million in 2023, is expected to reach $1.2 billion by 2033.
Solitario aims to achieve Rs 500 crore revenue by 2028.
Edited by Affirunisa Kankudti