Lab-grown diamond brand Aukera raises $15 Mn led by Peak XV

Lab-grown diamond jewellery brand Aukera has secured $15 million in its Series B funding led by Peak XV Partners. Existing investors Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital have also participated in the round.

Earlier in August last year, Aukera had raised Rs 26.7 crore (approximately $3.2 million) in its Series A financing led by Fireside Ventures. Entrackr had exclusively reported the development. 

The proceeds will help Aukera grow its retail presence, improve its products, and strengthen its position in India’s fine jewellery market.

Founded two years ago by Lisa Mukhedkar and Kumar Saurabh, Aukera has 13 stores in cities such as Bengaluru, Delhi NCR, and Hyderabad. The brand plans to enter more cities and aims to become a Rs 1,000 crore brand in the next five to seven years.

Aukera focuses on selling high-quality, lab-grown diamonds set in fine jewellery. It targets women who want better designs and bigger diamonds without the high costs of mined stones.

The Bengaluru-based firm competes with a clutch of firms including Fiona Diamonds, Limelight Lab Grown Diamonds, True Diamond, COLUXE and Jewelbox. Aditya Birla-backed GIVA also offers a lab-grown diamond jewellery line. Last week, omnichannel jewelry startup GIVA raised Rs 530 crore (around $61.5 million) in a Series C round led by growth-stage investor Creaegis