Solitario Lab Grown, a leading lab-grown diamond brand, has raised $3.6 million in a pre-IPO funding round. The investment values the company at $18.3 million (Rs 150 crore). The funds will help Solitario expand its retail network, enter new markets, improve branding, and grow its product range.
Co-founded by Ricky Vasandani and Bollywood actor Vivek Oberoi, the company offers sustainable diamond jewellery. It operates 18 stores in India and 38 outlets internationally. Solitario’s diamonds are cost-effective and eco-friendly. The Indian jewellery market is growing fast, and Solitario aims to reach Rs 500 crore in revenue by 2028.
What is Solitario Lab Grown Diamonds?
Solitario Lab Grown Diamonds is a jewellery brand that specializes in lab-grown diamonds. These diamonds have the same physical, chemical, and optical properties as natural diamonds but are created in a controlled environment using advanced technology. Solitario offers a range of diamond jewellery, including rings, necklaces, bracelets, earrings, and pendants.
The brand was co-founded by Ricky Vasandani, a veteran in the jewellery industry, and Bollywood actor Vivek Oberoi. Solitario focuses on sustainability and affordability, as lab-grown diamonds are 40-50% more cost-effective and environmentally friendly compared to mined diamonds.
Solitario has a strong retail presence with 18 stores across 10 major Indian cities and 38 international outlets in Dubai, Malaysia, and Spain. It also operates a 30,000-square-foot manufacturing facility in Surat and has partnered with PNG to open stores in seven cities.
The brand recently raised $3.6 million in a pre-IPO funding round, which will be used for expansion, branding, and manufacturing growth. Solitario aims to reach Rs 500 crore in revenue by 2028 as the lab-grown diamond market continues to grow.
Why is This Funding Significant?
This funding is a significant milestone for Solitario Lab Grown Diamond as it accelerates the company’s expansion in the rapidly growing lab-grown diamond market. The $3.6 million pre-IPO investment not only boosts its valuation to $18.3 million (Rs 150 crore) but also signals strong investor confidence in the brand’s sustainable, eco-friendly approach to luxury jewellery.
With the funds, Solitario plans to expand its retail footprint across India and internationally, enhance branding initiatives, and diversify its product portfolio. The investment also strengthens its manufacturing capabilities, reinforcing its position as a key player in the global lab-grown diamond industry.
As the lab-grown diamond market is projected to grow from $250 million in 2023 to $1.2 billion by 2033, Solitario is well-positioned to capitalize on this shift. The company’s ambitious goal of reaching Rs 500 crore in revenue by 2028 highlights its potential to disrupt the traditional diamond industry with sustainable innovation.
How Will the Funds Be Used?
Solitario Lab Grown will utilize the $3.6 million funding to drive expansion and innovation. The company plans to strengthen its retail presence, adding to its existing 18 stores in India and 38 international outlets. It will also enter new geographical markets while enhancing branding and marketing efforts to establish itself as a leading sustainable jewellery brand.
Additionally, the funds will support product diversification, introducing a wider range of eco-conscious jewellery. Investments in its Surat-based manufacturing facility will improve efficiency and scalability, ensuring high-quality production. These strategic initiatives will help Solitario capitalize on the growing lab-grown diamond market.
Founders’ Perspective
Solitario Lab Grown’s co-founders, Ricky Vasandani and Vivek Oberoi, view this funding as a validation of their vision for sustainable, high-quality diamond jewellery.
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Key Takeaways
- Successful Funding Round: Solitario Lab Grown raised $3.6 million in a pre-IPO round, valuing the company at $18.3 million (Rs 150 crore).
- Strategic Growth Plans: The funds will be used for retail expansion, new market entry, branding, product diversification, and manufacturing enhancements.
- Strong Investor Confidence: The funding round attracted notable investors, including Neeraj Gupta (Meru Cabs), FPI Investi Global, Vicco Group, and Seema Manish Nuwal.
- Sustainable Innovation: The brand focuses on eco-friendly, lab-grown diamonds that are 40-50% more cost-effective than mined diamonds.
- Ambitious Revenue Goals: Solitario aims to achieve Rs 500 crore revenue by 2028, leveraging the growing lab-grown diamond market projected to reach $1.2 billion by 2033.
Conclusion:
Solitario Lab Grown’s successful $3.6 million funding round marks a significant step toward its ambitious growth plans. With a strong retail presence and increasing global reach, the company is poised to capitalize on the rising demand for sustainable, lab-grown diamonds.
The investment will fuel expansion, strengthen branding, and enhance manufacturing capabilities, positioning Solitario as a key player in the industry. As the lab-grown diamond market grows to an estimated $1.2 billion by 2033, Solitario aims to reach Rs 500 crore in revenue by 2028, reinforcing its commitment to innovation, sustainability, and reshaping the future of luxury jewellery.
Ethical Glamour, Elevated! See how Solitario’s latest funding fuels sustainable diamond innovation.
