Solitario Lab Grown Diamonds Raises USD 3.6 Mn in Pre-IPO Round With this fresh capital, the brand plans to expand its retail presence both in India and internationally, strengthen branding and marketing initiatives, and enhance its product portfolio.
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Solitario Lab Grown, a rising name in the lab-grown diamond industry, has raised USD 3.6 million in a pre-IPO funding round.
The round saw participation from prominent investors, including Neeraj Gupta (Founder of Meru Cabs), Mauritius-based FPI Investi Global, Vicco Group, and Seema Manish Nuwal of Solar Industries. Several ultra-high-net-worth individuals, including Amit Agarwal, Rajesh Singla, Garima Theti, and Sandeep Singh, also invested in the company.
Founded by jewellery veteran Ricky Vasandani and Bollywood actor Vivek Oberoi, Solitario is known for its sustainable and eco-friendly diamond jewellery. The brand offers a range of products, including necklaces, rings, earrings, bracelets, and pendants.
With this fresh capital, the company plans to expand its retail presence both in India and internationally, strengthen branding and marketing initiatives, and enhance its product portfolio. "This investment validates our vision of creating beautiful, sustainable jewellery that doesn't compromise our planet's future," said CEO Ricky Vasandani.
Solitario currently operates 18 stores across 10 major Indian cities and has an international presence with 38 outlets in Dubai, Malaysia, and Spain. The company also runs a 30,000-square-foot manufacturing facility in Surat, employing over 300 people. It has partnered with PNG to launch stores in seven cities.
The lab-grown diamond industry is rapidly expanding, with the market expected to grow from USD 250 million in 2023 to USD 1.2 billion by 2033. Solitario, reporting revenues of INR 52 crore in FY2024, aims to reach INR 500 crore by 2028.
Socradamus Capital Pvt Ltd advised the transaction.
