So/Facet, a lab-grown diamond jewellery startup, raised Rs 10 crore in a funding round led by consumer-focused investment firm Sauce. The round also included participation from Mokobara cofounders Sangeet Agrawal and Navin Parwal, Chona Family Office, 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 launch online in November.
The startup intends to use the funds for brand building, product design, technology, hiring, and retail expansion. So/Facet aims to open more than 30 premium retail stores over the next three years, starting in India and later expanding to international markets including the Middle East. The company will launch six collections, featuring custom-cut diamonds, coloured diamonds, and stackable everyday jewellery, with entry-level prices ranging from Rs 15,000 to Rs 30,000.
So/Facet targets younger consumers by making diamonds appealing beyond traditional occasions like weddings and engagements. The founders noted that lab-grown diamond prices have fallen this year due to oversupply, widening the gap with natural diamonds, but they believe prices have stabilized. The startup seeks to build a premium brand that resonates with a new generation of buyers, differentiating itself in a market where lab-grown diamonds are gaining traction.
The company’s online launch is scheduled for November, with plans to establish a significant retail presence in India before expanding internationally. The Rs 10 crore funding round led by Sauce marks a critical step in So/Facet’s growth strategy to capture market share in the evolving lab-grown diamond jewellery sector.