Angel Investments
Lab-grown diamonds brand Solitario raises $3.6 M
Pune-based lab-grown diamond brand Solitario Lab Grown Diamonds has raised USD 3.6 million in a pre-IPO funding round. The round saw participation from Neeraj Gupta (founder, Meru Cabs), Mauritius-based FPI Investi Global, Vicco Group, Seema Manish Nuwal (Promoter, Solar Industries), along with several ultra-high-net-worth individuals (UHNIs) including Amit Agarwal, Rajesh Singla, Garima Theti, and Sandeep Singh.Founded in 2022 by Ricky Vasandani, and Vivek Oberoi, Solitario sells sustainable, eco-conscious diamond jewellery including necklaces, rings, earrings, bracelets, and pendants. It currently operates 18 stores across 10 cities and has 38 outlets internationally in Dubai, Malaysia, and Spain. It has a 30,000-square-foot manufacturing facility in Surat.The fresh capital will be used to expand the firm's retail network in domestic and international markets, enter new geographies, enhance branding and marketing, diversify product portfolio, and strengthen manufacturing capabilities.
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