Homegrown lab-grown diamond jewellery brand Aukera has raised Rs 90 crore (over $10 million) in a new funding round led by existing investor Alteria Capital, with participation from InnoVen Capital, Lighthouse Canton and a leading bank, the company announced Friday.
The round comes less than 12 months after Aukera closed a $15 million equity round led by Peak XV Partners, with participation from Fireside Ventures, Sparrow Capital, Prath Ventures and Alteria Capital.
The company said the new capital will strengthen its balance sheet as competition in the lab-grown diamond category intensifies, with major players including Titan entering the space through its brand Beyon.
Store network nearly triples
Aukera has expanded its company-owned store count from 13 to 35 over the past year, moving beyond its original markets of Bengaluru, Hyderabad and Delhi NCR into cities including Pune, Lucknow, Dehradun and Vizag. The company said the new funding will support continued store expansion.
Aukera positions itself in the premium segment of the lab-grown diamond market, selling certified diamonds set in in-house designs through company-owned stores, and backs purchases with a buyback and exchange guarantee. Actor Taapsee Pannu serves as the brand’s Face of the Brand.
“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 ₹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.”
The company said it will use the new capital to open additional stores in new and existing markets, invest in design, product innovation and talent, and build out its omnichannel infrastructure.
Aukera was founded in 2023 by Lisa Mukhedkar and Kumar Saurabh. The company is backed by Peak XV Partners, Fireside Ventures, Sparrow Capital, Prath Ventures and Alteria Capital, and has stated an ambition to become a Rs 1,000 crore brand.
The company runs a program called Share the Sparkle, which it says funds the education of a girl child with every purchase.
