Diamond brand Fiona Diamonds and lifestyle hospitality brand The Quorum Club secured early-stage funding, the companies said on Tuesday.
Fiona Diamonds
Lab-grown diamond brand Fiona Diamonds secured $724,799 (Rs 6 crore) in a seed funding round led by early-stage investment firm Venture Catalysts. The round also saw participation from AC Ventures, Anikarth Ventures, Shantanu Deshpande of Bombay Shaving Company, Eco Brilliance, and Suraj Nalan.
The company will use the funding to expand its presence across geographies as well as for product development.
Founded by Parag Agrawal and Saurabh Agrawal, Fiona Diamonds has flagship stores across Mumbai, Delhi, and Bangalore, along with a presence in 10 locations of Shoppers Stop stores across India.
"With Venture Catalysts' strategic investment, we aim to use our existing infrastructure and expand our product offerings and triple our revenue in the first year," said Agrawal, co-founder and chief executive officer, Fiona Diamonds.
Lifestyle hospitality brand The Quorum Club has secured an undisclosed amount in a pre-Series A funding round from Nikhil Kamath (Zerodha) and Abhijeet Pai’s (Puzzolana) early-stage investment firm Gruhas.
Gruhas has acquired a 5% stake in the Gurugram-based startup, according to its statement.
The Quorum Club will use the funding to expand its presence across India.
Established in 2018, Quorum Club Pvt Ltd, which operates The Quorum Club is a lifestyle club. The platform was founded by Vivek Narain & Sonya Jehan and operates three brands in its portfolio namely The Quorum, district150 and The Business Quarter.
“As we look to scale our business, Gruhas’ reputation in the capital markets and their recent focus on the media, entertainment and consumer businesses will be accretive to our efforts to build a lifestyle hospitality platform. Furthermore, Gruhas has a strong presence in Hyderabad and Bangalore which are key markets for us,” said Narain, co-founder and chief executive officer, The Quorum Club.
