Solitario Lab-Grown, a rising name in sustainable luxury jewellery, has secured $3.6 million (₹30 crore) in a pre-IPO funding round, valuing the company at $18.3 million (₹150 crore). The fresh capital will drive Solitario’s retail expansion, enhance branding efforts, and strengthen its manufacturing capabilities.
Founded by jewellery industry veteran Ricky Vasandani and Bollywood actor Vivek Oberoi, Solitario has positioned itself as a key player in India’s growing lab-grown diamond segment. The company offers a diverse range of eco-conscious diamond jewellery, including necklaces, rings, earrings, bracelets, and pendants.
Key Investors & Strategic Growth Plans
The funding round attracted marquee investors such as Neeraj Gupta (Founder, Meru Cabs), Mauritius-based FPI Investi Global, Vicco Group, and Seema Manish Nuwal (Promoter, Solar Industries), along with ultra-high-net-worth individuals like Amit Agarwal, Rajesh Singla, Garima Theti, and Sandeep Singh. Socradamus Capital Private Limited acted as the Book Running Lead Manager for the investment round.
“This investment validates our vision of creating sustainable yet exquisite jewellery,” said Ricky Vasandani, CEO of Solitario. “The funds will help accelerate our expansion and reinforce our commitment to ethical luxury and craftsmanship.”
Strong Retail Footprint & Manufacturing Edge
Solitario operates 18 stores across 10 major Indian cities and has an international presence with 38 outlets in Dubai, Malaysia, and Spain. The company also partners with PNG to open stores across seven Indian cities. In a landmark achievement, Solitario became the first lab-grown diamond brand to feature on the Burj Khalifa.
The company’s 30,000 sq. ft. manufacturing facility in Surat employs over 300 skilled artisans, ensuring high-quality production of lab-grown diamonds, which possess the same physical, chemical, and optical properties as mined diamonds but are 40-50% more cost-effective and environmentally sustainable.
Rapid Market Growth & Future Goals
Solitario has witnessed impressive financial growth, with revenues surging from ₹24.3 crore in FY23 to ₹52 crore in FY24. Looking ahead, the brand aims to achieve ₹500 crore in revenue by 2028.
The Indian gem and jewellery market, valued at $43 billion in 2021, is expected to reach $91 billion by 2025, while the lab-grown diamond segment, currently at $250 million (2023), is projected to cross $1.2 billion by 2033.
With a collection of over 500 unique designs spanning everyday wear to high-end luxury, Solitario is poised to redefine the sustainable luxury jewellery market in India and beyond.
