Solitario secures $3.6 million in pre-IPO funding, plans global expansion through SIS model

This sets the stage for further growth of the lab-grown diamond firm in India, and strategic international growth

Pune: Solitario Lab Grown Diamonds has successfully raised $3.6 million in pre-IPO funding, setting the stage for an ambitious future. The brand, which focuses on high-quality lab-grown diamond jewellery, is positioning itself for significant growth. The pre-IPO funding is an important milestone in the company’s journey of expanding globally.

Solitario has garnered support from a notable group of investors, including Sandeep Singh, Neeraj Gupta (Founder of Meru Cabs), and Seema Manish Nuwal (Promoter of Solar Industries). This backing reflects confidence in Solitario’s vision for the future. “With this funding, we are expanding globally through the SIS model,” said Ricky Vasandani, CEO and Co-founder of Solitario. “Our goal is to further enhance our reach and grow strategically, both in India and internationally.”

“Solitario’s expansion strategy involves scaling up its retail presence through a partnership-based model, which has already seen the company collaborate with more than 150 shops. The focus is on keeping operational expenses low while investing in high-potential markets, said Vasandani. “While the company plans further growth within India post-IPO, its international footprint is also set to increase, particularly in Spain, where it has already partnered with major brands.”

Solitario made headlines in February 2024 when it introduced its line of jewellery at a spectacular launch event beneath the gleaming lights of the Burj Khalifa in Dubai.

As the company prepares for its IPO, the focus will be on strengthening its market position and creating a global presence.Solitario Diamonds was founded in 2022, for retail of ethically produced lab-grown diamond jewellery. The founders – Ricky Vasandani, Satish Daryanani and actor Vicky Oberoi – started the brand with a single store in Pune and haveseen it grow significantly since then. Currently, Solitariohas around 60 stores across various cities in India.It has a strategic presence in Spain, Malaysia and Dubai.

Written by Achal Chaubey

Retail Jeweller India Exclusive