Limelight Lab Grown Diamonds Secures USD 1 Mn Investment With the raised funding, the Mumbai-based sustainable lab-grown diamond brand aims to open new stores and boost its brand presence in the country.
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Limelight Lab Grown Diamonds announced a strategic investment of USD 1 million from industry players, taking the valuation of the company to INR 340 crore.
The newly raised capital comes in the form of a strategic alliance that will enable Limelight to open new stores and boost its brand presence in the country.
Before this, the company had obtained funding from the Emerald Group as part of a strategic partnership with the aim of creating Limelight as a unique vertically integrated brand to collaboratively produce, market, and distribute LGD-studded jewellery in India and around the world.
Similar to that, the present investment supports the company's strategic move to speed up and strengthen the brand's store expansion across the nation.
Pooja Sheth Madhavan, Founder of Limelight, said, "We have received tremendous response and support for LGD jewellery from customers across the country. It has also reflected in our sales and has given us immense confidence to scale at a faster pace."
"With the government's impetus and focus on this sunrise sector, the investment further propels us towards achieving our ambitious goals of scaling our presence in India as well as globally and truly bringing India and its very own home-grown CVD diamond into the 'Limelight'," she added.
Founded in 2019, Limelight offers exquisite, ethically crafted jewellery designed for modern tastes and times.
Currently, the business operates 10 stores. In addition, it boasts more than 40 shop-in-shops located in 25 cities, including Hyderabad, Bangalore, Chennai, Kolkata, Mumbai, Delhi, Jaipur, Varanasi, and others.
The platform claims that it reported gross sales of approximately INR 80 crore in FY24, a 230% increase over the previous year.
