The company states that it aims to achieve Rs 500 crore in revenue by 2028
Solitario, a lab-grown diamond brand, has raised USD 3.6 million in a pre-IPO funding round, which will be used to expand its retail network both domestically and internationally, the company said. The investment values the company at approximately USD 18.3 million (Rs 150 crore), according to the official statement
The brand stated that the capital will be used to enter new geographical markets, enhance branding and marketing initiatives, broaden its product portfolio and strengthen its manufacturing capabilities.
“This investment validates our vision of creating beautiful, sustainable jewellery that doesn’t compromise our planet’s future. The funds will accelerate our expansion plans and strengthen our position in the growing lab-grown diamond market,” stated Ricky Vasandani, Chief Executive Officer (CEO) of Solitario.
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. Solitario operates a state-of-the-art manufacturing facility in Surat, spanning 30,000 square feet. The company has also entered into an exclusive collaboration with PNG to launch stores in seven cities.
The funding round attracted 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. Socradamus Capital acted as the book running lead manager for the round.
The Indian gem and jewellery market is projected to grow from USD 43 billion in 2021 to USD 91 billion by 2025. The lab-grown diamond market, currently valued at USD 250 million in 2023, is expected to reach USD 1.2 billion by 2033. Solitario aims to achieve Rs 500 crore in revenue by 2028, as per the statement from the brand.
