KuberGrow Team Solitario Lab-Grown Diamonds, a leading name in sustainable diamond jewelry, has successfully raised $3.6 million in a pre-IPO funding round. This strategic investment aims to bolster the company’s retail footprint, enhance its product offerings, and strengthen manufacturing capabilities.
Key Investors and Strategic Vision
The funding round attracted prominent investors, including Neeraj Gupta, founder of Meru Cabs; Mauritius-based FPI Investi Global; Vicco Group; and Seema Manish Nuwal, promoter of Solar Industries. Additionally, several ultra-high-net-worth individuals such as Amit Agarwal, Rajesh Singla, Garima Theti, and Sandeep Singh participated, underscoring strong market confidence in Solitario’s growth trajectory.
Co-founded by jewelry industry veteran Ricky Vasandani and Bollywood actor Vivek Oberoi, Solitario is committed to crafting eco-conscious diamond jewelry. The newly infused capital will be utilized 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.
Expanding Retail Presence
Solitario currently operates 18 stores across 10 major Indian cities and boasts an international presence with 38 outlets in Dubai, Malaysia, and Spain. The company has also entered into an exclusive collaboration with PNG to launch stores in seven additional cities, further solidifying its global footprint.
Sustainable and Affordable Luxury
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’s collection ranges from everyday wear to high-end luxury pieces, catering to a diverse clientele seeking quality and sustainability.
Manufacturing Excellence
Operating a 30,000-square-foot manufacturing facility in Surat, Solitario employs over 300 skilled professionals. This facility ensures the highest standards of quality and craftsmanship, enabling the company to meet growing market demand efficiently.
Financial Growth and Market Outlook
In FY2024, Solitario reported revenues of ₹52 crore, a significant increase from ₹24.3 crore in FY2023. The Indian gem and jewelry market is projected to grow from $43 billion in 2021 to $91 billion by 2025. The lab-grown diamond sector, currently valued at $250 million in 2023, is expected to reach $1.2 billion by 2033. Solitario aims to achieve ₹500 crore in revenue by 2028, positioning itself as a key player in this rapidly expanding market.
This pre-IPO funding marks a pivotal step in Solitario’s mission to provide sustainable, high-quality diamond jewelry to consumers worldwide, aligning luxury with environmental responsibility.
