Solitario Lab Grown, a leading lab-grown diamond brand offering exclusive lab-grown diamond jewellery, has successfully raised USD 3.6 million in a pre-IPO funding round.
The funding round attracted notable 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, according to a press release.
Socradamus Capital Private Limited acted as the book-running lead manager for the round.
The newly raised capital will be used to expand Solitario’s retail network both domestically and internationally, enter new geographical markets, enhance branding and marketing initiatives, broaden its product portfolio, and strengthen its manufacturing capabilities.
Co-founded by jewellery industry veteran Ricky Vasandani, and Bollywood actor Vivek Oberoi, Solitario has established itself as a pioneer in the lab-grown diamond jewellery sector. The company crafts sustainable, eco-conscious diamond jewellery including necklaces, rings, earrings, bracelets, and pendants.
In FY2024, the company reported revenues of Rs 52 crore, demonstrating significant growth from Rs 24.3 crore in FY2023.
Solitario’s collection includes more than 500 unique designs, ranging from everyday wear to high-end luxury pieces. 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.
“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. Solitario is not only creating jewellery but also crafting a legacy of environmental responsibility and exceptional craftsmanship,” said Ricky Vasandani, CEO of Solitario.
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 crores in revenue by 2028.
Solitario, founded in 2023, is a leading player in the lab-grown diamond jewellery industry. Combining cutting-edge technology with traditional craftsmanship, the company creates sustainable luxury jewellery pieces. Solitario operates a state-of-the-art manufacturing facility in Surat and maintains a strong retail presence in both Indian and international markets. The company’s dedication to environmental sustainability and ethical practices positions it as a pioneer in the evolving luxury jewellery industry.
