The capital will be used to expand Solitario’s retail network, enhance branding and marketing initiatives, broaden its product portfolio, and strengthen its manufacturing capabilities
Bengaluru: Lab-grown diamond brand Solitario has secured $3.6 million in pre-IPO funding, the company said in a press release on Monday. The investment values the company at approximately $18.3 million (Rs 150 crore).
The funding round attracted 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. Socradamus Capital Private Ltd. 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.
“This investment validates our vision of creating beautiful, sustainable jewellery that doesn’t compromise our planet’s future,” said Ricky Vasandani, CEO of Solitario. “The funds will accelerate our expansion plans and strengthen our position in the growing lab-grown diamond market.”
Co-founded in 2023 by Vasandani, and Bollywood actor Vivek Oberoi, Solitario crafts sustainable, eco-conscious diamond jewellery including necklaces, rings, earrings, bracelets, and pendants. In the fiscal year (FY) 2024, the company reported Rs 52 crore revenue, demonstrating growth from Rs. 24.3 crore in FY 2023.
The retailer has a strong retail presence, with 18 stores across 10 major Indian cities and an international footprint of 38 outlets in Dubai, Malaysia, and Spain. It operates a manufacturing facility in Surat, spanning 30,000 sq. ft. and employing over 300 people.
