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• ByStartupStory     |    February 22, 2025

Sustainable luxury jewellery brand Solitario Lab Grown has raised $3.6 million (₹30 crore) in a pre-IPO funding round, valuing the company at $18.3 million (₹150 crore). The fresh capital will be used to expand its retail network domestically and internationally, enhance branding and marketing efforts, diversify its product portfolio, and strengthen its manufacturing capabilities.

The funding round attracted prominent investors, including Neeraj Gupta (Founder, Meru Cabs), Mauritius-based FPI Investi Global, Vicco Group, and Seema Manish Nuwal (Promoter, Solar Industries), along with ultra-high-net-worth individuals like Amit Agarwal, Rajesh Singla, Garima Theti, and Sandeep Singh. Socradamus Capital Pvt Ltd acted as the advisor for the transaction.

Co-founded by jewellery industry veteran Ricky Vasandani and Bollywood actor Vivek Oberoi, Solitario is committed to crafting sustainable, eco-conscious diamond jewellery, including necklaces, rings, earrings, bracelets, and pendants.

Currently, Solitario operates 18 stores across 10 major Indian cities and has an international presence with 38 outlets in Dubai, Malaysia, and Spain. The company has also entered into an exclusive partnership with PNG to launch stores in seven additional cities.

To support its growth, Solitario operates a 30,000-square-foot manufacturing facility in Surat, employing over 300 skilled artisans. 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 has demonstrated impressive financial growth, with revenues rising from ₹24.3 crore in FY23 to ₹52 crore in FY24. The company aims to achieve ₹500 crore in revenue by 2028.

The Indian gem and jewellery market, valued at $43 billion in 2021, is projected to grow to $91 billion by 2025. The lab-grown diamond segment, worth $250 million (2023), is expected to surpass $1.2 billion by 2033. With a collection of over 500 unique designs spanning everyday wear to high-end luxury, Solitario became the first lab-grown diamond brand to feature on the Burj Khalifa, highlighting its growing influence in the jewellery industry.

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