Fiona Diamonds, a brand specializing in lab-grown diamonds, has secured INR 6 crore in its seed funding round, spearheaded by Venture Catalysts. The funding round also saw participation from AC Ventures, Anikarth Ventures, Shantanu Deshpande from Bombay Shaving Company, Eco Brilliance, and Suraj Nalan.
The newly acquired funds will be used to fuel the company’s expansion and innovation in the ethical luxury market.
Founded by Parag Agrawal and Saurabh Agrawal, Fiona Diamonds offers customers a curated selection of exquisite solitaire jewellery crafted with lab-grown diamonds.
With flagship stores in Mumbai, Delhi, and Bengaluru, as well as a presence in 10 key cities, Fiona Diamonds has positioned itself as a digital-first brand, boasting a loyal customer base of over 10,000.
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Parag Agrawal, CEO & Co-Founder of Fiona Diamonds, highlighted the company’s vision, stating, “Fiona Diamonds represents a movement towards a more sustainable and inclusive future. 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.”
On leading the round, Dr. Apoorva Ranjan Sharma, MD & CEO of Venture Catalysts, said, “With a market poised for exponential growth and evolving consumer preferences towards ethical and sustainable options, Fiona Diamonds has been growing at 40% year on year with an efficient inventory turn around ratio. With sentiment of jewellery as an asset class fading away amongst Millenials and & GenZs who are more inclined towards Eco Friendly & Sustainable options for Diamonds, Fiona has a first mover advantage in not only disrupting the traditional diamond industry but also paving the way for a more ethical and transparent future in luxury retail.”
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