The company is in the process of strengthening its balance sheet as more organized players enter the lab-grown diamond jewellery market
Bengaluru: Lab-grown diamond jewellery brand Aukera has raised Rs 90 crore (over $ 10 million) in fresh funding, led by existing investor Alteria Capital, along with InnoVen Capital, Lighthouse Canton and a bank. The funding comes within 12 months of the company closing a $ 15 million equity round led by Peak XV Partners, with participation from Fireside Ventures, Sparrow Capital, Prath Ventures and Alteria Capital.
The continued flow of capital reflects investor interest in the segment and the company’s business performance. The company is also strengthening its balance sheet as more organized players, including Titan with its lab-grown diamond brand Beyon, expand in this category.
Over the past year, Aukera has expanded its retail network from 13 to 35 company-owned stores. The brand has moved beyond Bengaluru, Hyderabad and Delhi NCR into cities such as Pune, Lucknow, Dehradun and Vizag. This expansion marks a shift towards building a wider retail presence across multiple markets. The latest funding will support further store additions in both existing and new locations.
Aukera operates in the lab-grown diamond segment with a focus on certified diamonds and in-house designs. Its collections include jewellery created using proprietary cuts and design formats developed by the brand. The company’s operations include sourcing, design and retail, supported by a team working across these functions. Actor Taapsee Pannu represents the brand in its public communication.
The company runs experience stores and offers buyback and exchange options on its products. This approach aligns with practices followed by established jewellery businesses and is aimed at building customer confidence and repeat engagement.
“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 Rs 1,000 crore, as the mining industry resets to recognize the permanence of grown diamonds,” said Kumar Saurabh, Co-founder, Aukera. “We are building the balance sheet and the business to be that player.”
With the fresh capital, Aukera will continue expanding its store network, invest in product development and design, and strengthen its omnichannel systems that support retail operations.
Founded in 2023 by Lisa Mukhedkar and Kumar Saurabh, Aukera is backed by Peak XV Partners, Fireside Ventures, Sparrow Capital, Prath Ventures and Alteria Capital, and is working towards its stated target of becoming a Rs 1,000 crore brand.
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