Indian company Limelight Lab Grown Diamonds said it has received a $1 million investment from “industry players,” whom it declined to name.
The investment values the company at 340 crore rupees (about $40 million), Limelight said.
This newly raised capital includes a strategic alliance that will enable Limelight to open stores and boost its brand presence in India.
“The investment further propels us towards achieving our ambitious goals of scaling our presence in India as well as globally,” founder Pooja Sheth Madhavan (pictured) said in a statement.
Founded in 2019, Limelight now has 10 stores and 40 shop-in-shops across 25 cities. In its most recent fiscal year, gross sales jumped 230% from the prior year, to 80 crore rupees (around $9 million).
The company had previously secured funding from Asian jewelry manufacturer Emerald Group.
(Photo courtesy of Limelight Lab Grown Diamonds)
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