Aukera’s valuation surges over 4.5X in Series B round

Lab-grown diamond jewellery brand Aukera recently secured $15 million in its Series B round led by Peak XV Partners with the participation of existing investors Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital.

Although the company did not disclose key details like valuation and dilution, Entrackr reviewed regulatory filings to uncover this information, including the round-wise breakup and shareholding structure.

The board at Aukera Jewellery allotted 988,129 preference shares at an issue price of Rs 1,250.3 each to raise Rs 124 crore or around $15 million, according to its filing with the Registrar of Companies (RoC).

Peak XV led the round with an investment of Rs 90.6 crore, followed by existing investor Fireside Ventures, which infused Rs 23.7 crore. The remaining amount was contributed by Sparrow Capital, Prath Ventures (via the Eternal Emerging Enterprise Fund), and Alteria Capital.

According to Entrackr’s estimates, the D2C brand’s post-money valuation surged over 4.5X to Rs 604 crore (approximately $71 million), up from Rs 124 crore ($15 million) when it raised $3.2 million in August last year.

As per TheKredible, the Bengaluru-based startup has so far raised around $19 million across multiple rounds. Following the allotment of this round, Fireside Ventures is the largest external shareholder with a 19.1% stake, while new investor Peak XV holds 15%. Co-founders Lisa Mukhedkar and Kumar Saurabh each retain a 24.1% stake in the company.

Founded in 2023, Aukera is a women-centric jewellery brand offering high-quality lab-grown diamond jewellery, including rings, pendants, bracelets, necklaces, and more. It sells through both online and offline channels and currently operates 13 stores across cities like Bengaluru, Delhi NCR, and Hyderabad.

In its first year of operations (FY24), Aukera reported an operating revenue of Rs 5.2 crore and a net loss of Rs 2.85 crore.

Aukera competes with a growing group of lab-grown diamond jewellery startups that have recently attracted investor interest. These include Priyanka Gill’s COLUXE, which raised angel funding; Jewelbox, which secured $3.2 million; and Aditya Birla-backed GIVA, which raised Rs 530 crore and also offers a lab-grown diamond line. Other notable players in the space include Fiona Diamonds, Palmonas, and Limelight Diamonds.