Lab-grown diamond jewellery brand Aukera has raised $15 million in a Series B funding round led by Peak XV Partners, with participation from existing investors Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital. The fresh capital will help the brand accelerate its retail expansion, enhance product innovation, and solidify its presence in India’s fast-growing fine jewellery market.
Building on Previous Success
This new round follows Aukera’s Series A raise of Rs 26.7 crore (approximately $3.2 million) in August last year, which was led by Fireside Ventures. Entrackr had exclusively reported that funding. The latest investment underlines investor confidence in Aukera’s growth potential and the rising consumer demand for lab-grown diamond jewellery in India.
Ambitious Growth Plans
Founded in 2022 by Lisa Mukhedkar and Kumar Saurabh, Bengaluru-based Aukera currently operates 13 retail stores in key cities including Bengaluru, Delhi NCR, and Hyderabad. The company plans to expand its footprint into additional metros and tier-1 cities, aiming to become a Rs 1,000 crore brand within the next five to seven years.
Offering Affordable, Sustainable Luxury
Aukera specializes in high-quality, lab-grown diamonds set in contemporary fine jewellery designs. By leveraging lab-grown diamonds, the brand offers customers larger, better-designed pieces at more accessible price points compared to traditional mined diamonds. This appeals to a new generation of women who value both sustainability and style.
Competitive Landscape
Aukera operates in a competitive segment alongside brands such as Fiona Diamonds, Limelight Lab Grown Diamonds, True Diamond, COLUXE, and Jewelbox. Additionally, Aditya Birla-backed GIVA recently expanded its offerings to include a line of lab-grown diamond jewellery. Notably, GIVA secured Rs 530 crore (approximately $61.5 million) last week in a Series C funding round led by growth-stage investor Creaegis, underscoring the increasing investor interest in the lab-grown diamond sector.