Abakkus leads over ₹800 crore investment into Dholakia Lab Grown Diamond
Abakkus Four2Eight Opportunities Fund, the maiden scheme of India – Ahead Private Equity Trust, a SEBI-registered Category II AIF (Registration No.: IN/AIF2/21-22/0980), together with its affiliate, anchors an ~INR 800 crore funding round in Dholakia Lab Grown Diamond Private Limited (“DLGD”), a Surat-based manufacturer and supplier of lab-grown diamonds, investing INR 300 crore, alongside ICICI Ventures Funds Management Company Limited and other marquee investors.
DLGD is the Lab Grown Diamond jewellery arm of the Hari Krishna Group, one of India's most respected names in the diamond industry with over 30 years in the industry. With over three decades of deep-rooted expertise in the diamond business, DLGD’s visionary stakeholders recognized the immense potential of lab-grown technology and strategically expanded into this innovative segment. Guided by an unwavering commitment to sustainability, DLGD has built its operations on stringent social and environmental principles, ensuring that every diamond reflects not only exceptional craftsmanship but also responsible, future‑focused values.
DLGD plans to scale their manufacturing capabilities and build their Indian retail footprint. Abakkus views this investment as an opportunity to support DLGD in realizing its long-term vision and strategic goals.
"This investment reflects the world's growing confidence in lab-grown diamonds. We built this business with discipline and now we have the resources to scale it in a way that's responsible, innovative and transparent." Said Mr. Savji Dholakia, Founder, Hari Krishna Group.
“This is a strong vote of confidence in our model. Global retailers and luxury brands are increasing their lab-grown diamond commitments and we intend to be the manufacturing and design partner of choice. This capital helps us meet that demand at scale.” said Mr. Hasu Dholakia, CEO, DLGD.
"India's middle class is growing fast and has no jewellery brand that truly speaks to its values and aspirations. We are building that brand, with a plan to open stores in every corner of India over the next five years." said Dravya Dholakia, CEO – Retail DLGD.
“DLGD has demonstrated a rare combination of technical mastery and market agility. As consumers increasingly pivot toward sustainable luxury, DLGD is perfectly positioned to lead the transition.” said Mr. Ankit Aggarwal, Fund Manager of Abakkus Four2Eight Opportunities Fund.
Abakkus Four2Eight Opportunities Fund, is the maiden Private Equity fund of Abakkus Asset Manager Private Limited, a leading Asset Manager with an AUM of ~$4 billion founded by Mr. Sunil Singhania. In line with our sector agnostic investment philosophy to back scalable businesses with strong founders, we have invested in several high-quality companies since the fund’s inception in 2024.
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Abakkus Four2Eight Opportunities Fund is a scheme of India-Ahead Private Equity Trust, a SEBI registered Category II Alternative Investment Fund vide SEBI Reg. No.: IN/AIF2/21-22/0980 dated January 27, 2022. The Fund has completed its final closing on 30th September 2024 and is now closed for subscription.
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