Lab-grown diamond jewellery company Aukera has raised $15 million (Rs 128 crore) in growth capital led by venture capital firm Peak XV Partners, with follow-on participation from existing investors including Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital.
Aukera, owned and operated by Bengaluru-based Aaryak Jewellery Pvt. Ltd, said in a statement it will use the funds for retail expansion plans, improve product offerings, and strengthen its position in India’s emerging fine jewellery market. It plans to double down on physical retail, invest in design, merchandising, and marketing talent, and offer a strong omnichannel experience to customers.
It currently operates company-owned stores in Bangalore, Delhi-NCR, and Hyderabad. The company is expanding into new cities while maintaining brand control and consistency.
“Driven by structural tailwinds and a strong consumer shift, Aukera is well-positioned to lead India’s fast-growing lab-grown diamonds category,” said Abhishek Mohan, principal, Peak XV Partners.
Aukera was founded two years ago by Lisa Mukhedkar and Kumar Saurabh. The company has scaled to 13 stores pan-India and intends to continue to scale rapidly. Last year, the company raised Series A funding led by Fireside.
“The investment from Peak XV Partners is meaningful for the business as we drive ambitious growth. Aukera is challenging the status quo. Our experience so far has only strengthened our conviction in our business model and ability to build a truly durable brand and business,” said Saurabh.
Aukera claims that it is on track to scale to Rs 1,000 crore in revenue within the next five to seven years.
The lab-grown diamond market in India is seeing accelerated growth along with investor interest, driven by rising consumer demand for sustainable and affordable luxury. Earlier this year, Limelight Lab Grown Diamonds secured around $11 million in funding from fund houses, family offices, and promoters. Other companies in the space that have recently raised capital include Firefly Diamonds, Jewelbox, Solitario Diamonds, and True Diamond.