aukera

Exclusive: Fireside invests in lab grown jewellery brand Aukera

aukera

Lab-grown jewellery brand Aukera has raised Rs 26.7 crore (approximately $3.2 million) in its Series A round led by Fireside Ventures. This is the first institutional investment for a year-old omnichannel brand, which mostly deals in diamonds.

The board at Aukera Jewellery has passed a special resolution to issue 10 equity and 8,155 Series A CCPS at an issue price of Rs 32,713 each to raise Rs 26.7 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows.

Fireside Ventures spearheaded the Series A round with Rs 23.75 crore while Sparrow Capital and Eternal Emerging Enterprises participated with Rs 1.39 crore and 1.57 crore, respectively.

The company will use these funds for expansion and general corporate business, as decided by the board, the filing further added. As per TheKredible’s estimates, the company has been valued at around Rs 124 crore or $15 million post-allotment.

This round appears to be an ongoing one and it may raise more capital.

Following the fresh proceeds, Fireside Ventures holds a significant 19.20% stake in the company while Sparrow Capital and Eternal Enterprises will command 7.59% and 5.89% of Aukera Jewellery.

With the fundraise, the company has also expanded its employee stock options pool with addition of 1,180 options. At present, its total ESOP pool consists of 1,896 options. According to TheKredible estimates, Aukera’s overall ESOP pool is worth Rs 6.20 crore.

Founded in 2023, Aukera is a women-centric jewellery brand that offers lab-grown diamond jewellery in white, rose, yellow gold, and platinum. It sells its products through its website and has 2 stores in Bengaluru.

The Bengaluru-based firm competes with a clutch of firms including Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox. Aditya Birla-backed GIVA also offers a lab-grown diamond jewellery line.

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