Lab-grown diamond brand Solitario raises $3.6Mn in pre-IPO funding

Solitario Lab-Grown, a Lab-grown diamond brand has raised $3.6 million ( Rs 30 crore) in a pre-IPO funding round at $18.3 million ( Rs 150 crore) valuation.

The funding round saw participation from key investors like Neeraj Gupta (Founder of Meru Cabs), Mauritius-based FPI Investi Global, Vicco Group, and Seema Manish Nuwal (Promoter, Solar Industries). Several ultra-high-net-worth individuals, including Amit Agarwal, Rajesh Singla, Garima Theti, and Sandeep Singh, also participated, the company said.

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Solitario will use the new funding to expand its retail network in India and abroad, enter new markets, boost branding and marketing, launch more products, and improve manufacturing, said Co-founder Vivek Oberoi.

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.”

Solitario runs a 30,000 sq. ft. manufacturing facility in Surat, employing 300+ people. It has also partnered exclusively with PNG to open stores in seven cities.

Solitario’s lab-grown diamonds have the same qualities as mined diamonds but are 40-50% cheaper and more eco-friendly. Its collection includes both everyday wear and luxury pieces.

Financial Growth

In FY2024, the company’s revenue grew to ₹52 crore, up from ₹24.3 crore in FY2023. The Indian gem and jewellery market is expected to grow from $43 billion (2021) to $91 billion (2025), while the lab-grown diamond market is projected to expand from $250 million (2023) to $1.2 billion (2033).

Solitario aims to reach ₹500 crore revenue by 2028.

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