Great Heights Inc., and its subsidiary Clean Origin LLC, an online DTC retailers of lab-grown diamonds, engagement rings and jewelry, announced a $20 million equity investment from TCL North America, Inc. (TCL Inc), a wholly-owned subsidiary of Titan Company Limited – an Indian luxury products company known for manufacturing jewelry and watches – to further expand the business.
Clean Origin plans to use the funds to scale its operations, strengthen its supply chain, invest in omnichannel retail experiences, leverage cross border Indian-American synergies, and build a fortress balance sheet to further dominate the lab-grown diamond engagement ring industry, the statement said.
This transaction values Great Heights Inc. at approximately $132.8 million USD on a pre-money valuation basis and $152.8 million USD on a post-money valuation basis and creates no change of control nor direction for the company who maintains majority control, the company added.
As part of the deal:
- Ajoy Chawla, CEO Jewellery Division of Titan Company Limited will join Great Heights Inc. board of directors
- Titan will own approximately 13.09% of the economic interest and 17.54% of the voting control in Great Heights Inc.
“We are delighted to choose Titan as a partner and look forward to welcoming Mr. Chawla to our board of directors,” said Alexander Weindling, Co-Founder and CEO of Clean Origin and Great Heights Inc. “Titan brings more than simply cash to fuel our growth, but deep expertise in the international manufacturing, control, and logistics of bespoke diamond jewelry across a global platform.”
Titan, a joint venture of the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), commenced operations in 1984.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.