Fiona Diamonds raises Rs 6 crore in seed round led by Venture Catalysts

Fiona Diamonds, a lab-grown diamond jewellery brand has raised Rs 6 crore ($7,23,759) in its seed funding round led by investment firm Venture Catalysts.

AC Ventures, Anikarth Ventures, Eco Brilliance, Shantanu Deshpande, and Suraj Nalan also participated in the funding round.

Fiona Diamonds will utilise the funds on expansion of its retail presence and diversification of product portfolio.

Commenting on the investment, Apoorva Ranjan Sharma, managing director CEO of Venture Catalysts in a statement said, “With a market poised for exponential growth and evolving consumer preferences towards ethical and sustainable options, Fiona Diamonds has been growing at 40 per cent year on year with an efficient inventory turn around ratio.”

Parag Agrawal, co-founder CEO of Fiona Diamonds added, “With Venture Catalysts strategic investment, we are poised to accelerate our growth trajectory and establish Fiona Diamonds as a category innovator in the diamond jewellery segment. By leveraging our existing infrastructure and expanding our product offerings, we aim to triple our revenue in the first year, unlocking new avenues of growth and opportunity.”

Founded by Parag Agrawal and Saurabh Agrawal, Fiona Diamonds has flagship stores across Mumbai, Delhi, and Bengaluru, along with a presence in 10 locations of Shoppers Stop across key cities.