Lab-Grown Diamond Brand Aukera Raises $15 Million in Series B Round Led by Peak XV

Bengaluru-based lab-grown diamond jewellery brand Aukera has raised $15 million in Series B funding, with Peak XV Partners leading the round. Existing investors includingFireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capitalalso participated in the fresh capital infusion.

This marks a significant milestone for the two-year-old startup, which previously raised Rs 26.7 crore (~$3.2 million) in a Series A round led by Fireside Ventures in August 2023.

Aukera plans to use the newly raised funds to accelerate its growth by expanding its retail footprint across India, enhancing its range of product offerings, and further strengthening its position in the country’s competitive fine jewellery segment. This strategic focus will support the brand’s ambition to reach more customers and establish itself as a leading name in the lab-grown diamond market.

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Founded by Lisa Mukhedkar and Kumar Saurabh, Aukera currently operates 13 stores in key Indian cities includingBengaluru, Delhi NCR, and Hyderabad. The brand plans to accelerate its growth trajectory with the goal of becoming a Rs 1,000 crore brand within the next 5–7 years.

A New-Age Jewellery Brand for Modern Consumers

Aukera is part of a new wave of jewellery startups tapping into the lab-grown diamond trend, which offers affordable luxury and ethical sourcing. The company targets consumers—especially women—looking for better design, bigger stones, and sustainable alternatives to mined diamonds.

Competitive Landscape

Aukera operates in a fast-growing segment, competing with brands such as:

• Fiona Diamonds
• Limelight Lab Grown Diamonds
• True Diamond
• COLUXE
• Jewelbox

It also faces indirect competition from Aditya Birla-backed GIVA, which recently raised Rs 530 crore (~$61.5 million) in a Series C round led by Creaegis and has introduced a line of lab-grown diamond jewellery.

Riding the Lab-Grown Diamond Wave

With rising demand for sustainable luxury and ethical jewellery, investors are showing growing interest in lab-grown diamond brands. Aukera’s latest funding signals confidence in this sector and positions the brand as a major player in India’s fine jewellery evolution.

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