Divine Solitaires, a natural diamond solitaires brand, has opened its first round of seed funding, seeking an investment of $10 million to support its next phase of growth. The company aims to scale into a $250–300 million enterprise over the next three to four years.

Founded in 2006 by brothers Jignesh Mehta and Shailen Mehta, the Mumbai-based brand focuses exclusively on natural diamond solitaire jewellery. The company adds approximately 15,000–20,000 customers annually, with over 35% being first-time diamond buyers.

Divine Solitaires plans to deploy around 60% of the funds raised towards brand building and awareness initiatives. The remaining capital will be used for working capital optimisation, IT infrastructure upgrades and team expansion.

Commenting on the market opportunity, Mehta said, “In India, the solitaire diamond jewellery market is currently estimated to be around Rs 25,000 to 30,000 crore and is growing at 10–12% year-on-year. As the only focused brand in this category, we aspire to cover at least 20–25% market share in the next five to seven years.”

Over the past year, the company has reported a more than 30% improvement in profitability, driven by operational efficiencies, inventory optimisation and the addition of new product categories, including fancy colour diamonds, new shapes and smaller-sized diamonds. The brand has also introduced diamond coins as an alternative gifting option to gold coins.

Divine Solitaires currently operates through 215 partner stores across 108 cities under a shop-in-shop model. While the brand follows an omnichannel approach, nearly 95% of its business is generated through offline retail partnerships.