Aukera, the Bengaluru-based brand specializing in lab-grown diamond jewelry, has successfully raised $15 million in a Series B funding round led by Peak XV Partners, with contributions from existing investors like Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital. This funding will be used to boost retail operations, enhance their product range, and solidify their presence in India’s dynamic fine jewelry market.
Founded just two years ago by Lisa Mukhedkar and Kumar Saurabh, Aukera currently operates 13 stores in Bengaluru, Delhi NCR, and Hyderabad. The brand is now looking to expand into new cities and has set an ambitious goal to become a ₹1,000 Cr brand within the next 5 to 7 years.
Aukera appeals to the modern woman who desires larger, beautifully designed diamonds without the environmental and financial burdens associated with mined stones. Their lab-grown diamonds represent a significant shift in consumer preferences towards sustainability and affordability in luxury.
This recent funding round comes on the heels of their ₹26.7 Cr Series A round in August 2023, which was also led by Fireside Ventures. The renewed interest from investors indicates a growing confidence in India’s burgeoning lab-grown diamond market, where Aukera is competing with brands like Fiona Diamonds, Limelight, True Diamond, Jewelbox, and Aditya Birla-backed GIVA, which recently raised ₹530 Cr in a Series C round.
As direct-to-consumer jewelry continues to thrive, Aukera is positioning itself as a leader in the fine lab-grown diamond segment, seamlessly blending physical retail with digital discovery to attract India’s next generation of conscious luxury buyers.