Aukera Raises USD 15 Mn Funding to Expand Lab-Grown Diamond Retail Footprint The funding round was led by Peak XV Partners, with continued backing from existing investors including Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital.
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Lab-grown diamond jewellery brand Aukera has raised USD 15 million in a funding round led by Peak XV Partners, with continued backing from existing investors including Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital.
The Bengaluru-based startup said it will deploy the capital to expand its retail footprint, strengthen its product offerings, and invest heavily in design innovation and marketing capabilities.
Founded in 2023 by Lisa Mukhedkar and Kumar Saurabh, Aukera currently operates 13 company-owned stores in cities like Bengaluru, Hyderabad, and across the Delhi NCR.
"Aukera is challenging the status quo," said Kumar Saurabh, Co-founder of Aukera. "This investment is meaningful as we pursue our next phase of growth."
Aukera positions itself in the premium jewellery segment, offering exclusively lab-grown diamonds—a category gaining momentum globally due to consumer demand for sustainable, ethically sourced, and cost-transparent alternatives to mined diamonds. Its offerings include IGI-certified stones, customisation services, and a mix of contemporary and traditional designs, delivered through an omni-channel model combining online presence with high-footfall physical stores.
The funding round arrives amid a surge of interest in India's lab-grown diamond (LGD) market, which is estimated at USD 2.6 billion and poised for continued growth. Lab-grown diamonds are created using advanced technology to replicate the physical and chemical properties of mined diamonds, with advocates touting their eco-friendliness and price efficiency.
"Driven by structural tailwinds and a strong consumer shift, Aukera is well-positioned to lead India's fast-growing lab-grown diamonds category," said Abhishek Mohan, Principal at Peak XV Partners.
Fireside Ventures, which first invested in Aukera in 2024, echoed this sentiment. "Aukera is not just another lab-grown diamond jewellery brand—it's aiming to redefine how fine jewellery is consumed in India," said Kanwaljit Singh, Managing Partner.
Looking ahead, Aukera plans to scale to INR 1,000 crore in revenue over the next five to seven years, targeting new markets, store openings, and brand visibility initiatives to fuel its growth in a rapidly evolving segment.
