The round also saw participation from Mokobara cofounders Sangeet Agrawal and Navin Parwal, Chona Family Office (that’s behind Hocco Ice Creams), Haleon South Asia president Kedar Lele, and Moonshot co-founder Devaiah Bopanna.
Founded by former Unilever executives Aarushi Agrawal Naulakha and Abhishek Naulakha, the company plans to go live online in November. It aims to open more than 30 premium retail stores over the next three years, starting with India before expanding into international markets, including the Middle East.
The funds will be used for brand building, product design, technology, hiring, and retail expansion, the founders told ET. The company plans to launch with six collections, including custom-cut diamonds, coloured diamonds, and stackable everyday jewellery.
So/Facet plans to price its entry-level collection at around Rs 15,000-30,000, while its custom-cut designs will command a premium. “We want to make diamonds cool again,” Naulakha said, highlighting the need to appeal to younger consumers who may not consider buying diamond jewellery other than for weddings, engagements, etc.
Prices of lab-grown diamonds have continued to fall this year due to oversupply, widening the price gap with natural diamonds. The founders, however, believe prices have bottomed out and do not expect significant declines over the next couple of years.
“We have realised that the raw material is no longer the bulk of the price. It is actually the craftsmanship and the labour that now comprise the majority of the cost,” he said, adding that the bottleneck in the lab-grown diamond market had shifted towards cutters and polishers.
The company’s lead investor, Sauce, has backed multiple consumer brands including Mokobara, Epigamia, Innovist, and The Whole Truth. So/Facet will compete with lab-grown diamond startups such as Aukera, JewelBox, and Limelight Diamonds, among others.
