Divine Solitaires eyes $10 million funding to scale operations
Business
Divine Solitaires, a Mumbai-based diamond brand started by brothers Jignesh and Shailen Mehta, is raising $10 million in its first seed round. The goal? To scale up and become a $250-300 million business in the next few years.
They're known for emphasizing lab reports and pricing verification (source: mentions lab reports and pricing verification), transparent pricing, and a presence in over 200 partner stores across 100+ cities.
What's next for the brand?
Of the funds raised, 60% will boost branding while 40% goes toward working capital, IT upgrades, and growing their team.
By the numbers
Each year they welcome about 15,000-20,000 new customers—over a third are first-time buyers.
India's solitaire market is huge (₹25,000-30,000 crore) and still growing at around 10-12% annually.