Solitario Revolutionizes the Diamond Industry with $3.6 Million Pre-IPO Funding

Solitario Lab Grown secured USD 3.6 million in pre-IPO funding, attracting investors like Neeraj Gupta and Seema Manish Nuwal. Co-founded by Ricky Vasandani and Vivek Oberoi, the sustainable diamond brand plans to expand its retail network, enhance marketing, and reports revenues of Rs 52 crore for FY2024.

Solitario Lab Grown, a leading brand in the lab-grown diamond market, announced the successful raising of USD 3.6 million in a pre-IPO funding round. The latest investment attracted a slew of notable backers, including Neeraj Gupta, founder of Meru Cabs, and Seema Manish Nuwal from Solar Industries, as well as multiple ultra-high-net-worth individuals.

Co-founded by industry stalwart Ricky Vasandani and Bollywood actor Vivek Oberoi, Solitario is known for its sustainable and environmentally friendly diamond jewelry. The company plans to use the newly acquired funds to expand its retail footprint both domestically and internationally, enhance branding, and broaden its product line.

With 18 stores in India and 38 outlets in Dubai, Malaysia, and Spain, Solitario has seen considerable growth, reporting Rs 52 crore in revenue for FY2024, doubling from its Rs 24.3 crore in FY2023. The lab-grown diamond market, estimated at USD 250 million in 2023, continues to grow, and Solitario aims to capture a significant share, aspiring to achieve Rs 500 crore revenue by 2028.

(With inputs from agencies.)