Lab-grown diamond company Limelight Gets $1 million in funding
Limelight Lab Grown Diamonds received a US$1 million strategic investment to expand brand presence in India, driven by positive customer response and significant sales growth. The company aims for global expansion with a focus on scaling operations.
has received a strategic investment of US$1 million from two leading retail chains. 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 secured an investment from the , Asia's largest jewellery manufacturer, as part of a strategic tie-up to establish Limelight as a one-of-a-kind vertically integrated brand to jointly manufacture, sell and distribute studded jewellery in India and worldwide. The current investment plays a similar role in the company's strategic play to enable faster and more robust growth in the brand's store expansion in the country. At present, the company has 10 stores. It also has 40 plus shop-in-shops spread across 25 cities including Mumbai, Delhi, Jaipur, Varanasi, Hyderabad, Bangalore, Chennai, Kolkata and others.
Madhavan said "We have received good response and support for LGD jewellery from customers across the country. It has also reflected in our sales and has given us the 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 the goal of scaling our presence in India as well as globally."
In FY24, the company recorded sales of Rs 80 crores -more than a 230% jump compared to last year. Of this, the branded sales have tripled year on year, Madhavan added.
