Solitario raises $3.6 mn in pre-IPO funding for retail expansion plans

Solitario Lab Grown, a lab-grown diamond brand, has raised USD 3.6 million in a pre-IPO (initial public offering) funding round. The investment values the company at approximately USD 18.3 million. The newly raised capital will be used to expand Solitario’s retail network both domestically and internationally.

The company has a strong retail presence, with 18 stores across 10 major Indian cities and an international footprint of 38 outlets in Dubai, Malaysia, and Spain. Solitario operates a state-of-the-art manufacturing facility in Surat, spanning 30,000 square feet. The company has also entered into an exclusive collaboration with PNG to launch stores in seven cities.

The lab-grown diamond market, currently valued at USD 250 million in 2023, is expected to reach USD 1.2 billion by 2033. Solitario aims to achieve Rs 500 crore in revenue by 2028, as per the statement from the brand.