Bengaluru-based lab-grown diamond jewellery brand Aukera raises $15 million in funding

Aukera, a lab-grown diamond jewellery startup, today announced that it has raised $15 million in growth capital led by Peak XV Partners with follow-on participation from existing investors including Fireside Ventures, Sparrow Capital, Prath Ventures and Alteria Capital.

The Bengaluru-based startup said that the funding will fuel aggressive retail expansion plans and enhance its product offerings in India’s emerging fine jewellery market.

Launched in 2023 by Lisa Mukhedkar and Kumar Saurabh, Aukera, which operates in the premium segment, has stores in Bengaluru, Noida, Gurugram, and Hyderabad. 

“Aukera is built on a consumer insight, borne from research, that women were frustrated with the poor quality, tiny diamonds that were affordable given mined diamond prices. Aukera solves a consumer problem by offering the highest-graded diamonds, designed & crafted into fine jewellery. Indeed, women in India are upgrading to grown diamond jewellery and Aukera is proud to lead that disruption, providing exceptional value to our customers,” said Mukhedkar, who is also the CEO of the company.

Mukhedkar added that the brand aims to scale into a Rs 1,000 crore business over the next five to seven years. It plans to use the raised capital to double down on physical retail, invest in top-tier design, merchandising, and marketing talent, and offer a strong omni-channel experience.

Kumar Saurabh said within the two years of operations, Aukera has scaled its presence to 13 stores pan India and “intends to continue to scale rapidly”.

“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,” he said.

“Driven by structural tailwinds and a strong consumer shift, Aukera is well-positioned to lead India’s fast-growing lab-grown diamonds category. Lisa and Kumar are exceptional founders who bring complementary strengths and proven execution capabilities.  We are excited to partner with them as they scale Aukera’s footprint and deepen the brand's leadership in this emerging category,” said Abhishek Mohan, Principal, Peak XV Partners.