Peak XV-backed Aukera Raises Over USD 10 Mn in New Round

Aukera, a lab-grown diamond jewellery brand, on Friday announced that it has raised INR 90 crore (over USD 10 million) in fresh funding, led by existing investor Alteria Capital. InnoVen Capital, Lighthouse Canton and a leading bank also joined the round. 

The new funding follows a USD 15 million equity round led by Peak XV Partners, with participation from Fireside Ventures, Sparrow Capital, Prath Ventures and Alteria Capital. 

The company says it continues to strengthen its balance sheet as the category draws in India’s largest players, including Titan with its lab-grown diamond brand Beyon, a market Aukera has been leading from the front.

Founded in 2023 by Lisa Mukhedkar and Kumar Saurabh, the company says its self-owned stores have now increased from 13 to 35 across Bengaluru, Hyderabad and Delhi-NCR. It is also active in cities like Pune, Lucknow, Dehradun, and Vizag. 

The company plans to use the fresh capital to drive the next phase of its expansion which includes store openings in new and existing markets, continue investing in design, product innovation and talent, and strengthen the omnichannel infrastructure that supports its retail engine.

“This category will not be won on discounting — it will be won on trust, quality and brand,” said Lisa Mukhedkar, Founder & CEO, Aukera. “This capital lets us take that promise to many more cities, faster.”

“We believe this category will require the top player to invest at least INR 1,000 crore, as the mining industry resets to recognise the permanence of grown diamonds,” said Kumar Saurabh, Co-founder, Aukera. “We are building the balance sheet and the business to be that player.”

Aukera is looking to tap into India’s booming lab-grown diamond segment. Earlier this month, Limelight Diamonds, a lab grown diamond jewellery brand, raised INR 275 crore in a funding round led by the company promoters, the Bhathwari Group. 

Other key names in the space are some of the Pome, a jewelry brand launched by Trent, the retail arm of the Tata Group, Ethera, Solitario, Lucira, Jewelbox, and more.