Clean Origin LLC, an online DTC retailers of lab-grown diamonds, and subsidiary of Great Heights Inc, announced a $20m equity investment from TCL North America, Inc. (TCL Inc), a wholly-owned subsidiary of Titan Company Limited (NSE:TITAN) – an Indian luxury products company known for manufacturing jewelry and watches – to further expand the business.
Clean Origin to increase market growth
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 dominate the lab-grown diamond engagement ring industry.
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.
Structural changes at Clean Origin
As part of the deal:
- Ajoy Chawla, CEO Jewellery Division of Titan will join Great Heights Inc. board of directors
- Titan owns 13.09% of interest and 17.54% of the voting control in Great Heights Inc.
“We are delighted to have Titan as a partner and happy to welcome Mr. Chawla to our board,” 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.”
Clean Origin is on a mission to hold the diamond industry to a higher standard, with a new, sustainable, and conflict-free process that gives everyone peace when purchasing diamonds.
Each diamond is lab-grown using a craft that mirrors the natural growing process creating molecularly identical stones without the destructive force of mining or its murky ethics. All diamonds are 100% real, ethical and certified to meet the highest standard of quality.