14th March, 2024: Venture Catalysts, India’s first integrated incubator and the largest early-stage investment firm, today announced that it has led 6 crore funding in a seed round in eco-friendly lab-grown diamond brand Fiona Diamonds. The round also includes Venture Catalysts, AC Ventures, Anikarth Ventures, Shantanu Deshpande of Bombay Shaving Company, Eco Brilliance, and Suraj Nalan.
With a visionary approach that seamlessly integrates natural, lab-grown diamonds (LGD) and moissanite under one roof, Fiona Diamonds aims to become a global brand, and this funding will fuel the company’s expansion and innovation in the burgeoning ethical luxury market.
Founded in the 20Xx by two engineering graduates and visionary entrepreneurs, Parag Agrawal and Saurabh Agrawal, Fiona Diamonds distinguishes itself by championing the cause of ethical sourcing and sustainability, offering discerning customers a curated selection of exquisite solitaire jewelry crafted with lab-grown diamonds.
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 jewelry 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.”
With flagship stores across Mumbai, Delhi, and Bangalore, along with a presence in 10 locations of Shoppers Stop stores across key cities, Fiona Diamonds has rapidly gained prominence as a digital-first brand, boasting a loyal customer base exceeding 10,000.
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 jewelry 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.”
In a market where lab-grown diamonds have witnessed a meteoric rise, capturing a market share of 33.8% by sales and 22.9% by value in 2022, Fiona Diamonds capitalizes on this burgeoning trend, positioning itself as a pioneer in the LGD segment. With the Indian government’s steadfast support for the lab-grown diamond industry and changing consumer sentiments favoring sustainability, Fiona Diamonds is poised to become a global leader in luxury jewelry retailing.