Venture Catalysts, an incubator and early-stage investment firm, has disclosed funding in a seed round for eco-friendly lab-grown diamond brand Fiona Diamonds. The round also includes AC Ventures, Anikarth Ventures, Shantanu Deshpande of Bombay Shaving Company, Eco Brilliance, and Suraj Nalan.
With flagship stores across Mumbai, Delhi, and Bangalore, along with a presence in 10 locations of Shoppers Stop stores across key cities. The company has gained prominence as a digital-first brand, boasting a loyal customer base exceeding 10,000, it claimed.
On leading the round, Dr. Apoorva Ranjan Sharma, MD and 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 per cent year on year with an efficient inventory turn around ratio. With sentiment of jewelry as an asset class fading away amongst Millenials and and GenZs who are more inclined towards eco friendly and 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.”
Parag Agrawal, CEO and 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."
Venture Catalysts typically invests $250,000 – $2 million in early-stage start-ups with the potential to create enduring value over a long period. Founded in 2016 by Dr Apoorva Ranjan Sharma, Anuj Golecha, Anil Jain, and Gaurav Jain, Venture Catalysts has invested in over 300+ start-ups since inception. The cumulative valuation of the start-ups invested by the firm is over $10 billion. It has a presence across 55 cities in 9 countries and is one of the most active early-stage investors globally.
