Solitario raises $3.6 million in pre-IPO funding round

Solitario, a lab-grown diamond jewellery brand has raised $3.6 million (Rs 31 crore) in a pre-IPO (initial public offering) funding round at a valuation of Rs 150 crore.

The funding round saw participation by Mauritius-based FPI Invest Global, Vicco Group along with and investors Seema Manish Nuwal, Neeraj Gupta Amit Agarwal, Rajesh Singla, Garima Theti, and Sandeep Singh.

The brand will utilise the funds to expand its retail network, diversification of product portfolio, strengthen manufacturing capabilities and to enhance marketing initiatives.

Commenting on the funding, Ricky Vasandani, CEO of Solitario in a statement said, “This investment validates our vision of creating beautiful, sustainable jewellery that doesn’t compromise our planet’s future. The funds will accelerate our expansion plans and strengthen our position in the growing lab-grown diamond market.”

Founded by Ricky Vasandani, and actor Vivek Oberoi, Solitario claims to be the first luxury brand specializing in lab-grown diamonds. It currently has a retail presence with 18 stores across 10 major Indian cities and an international footprint of 38 outlets in Dubai, Malaysia, and Spain.