Premium lab-grown diamond jewellery brand Aukera has raised Rs 90 crore (over $10 million) in fresh funding to strengthen its balance sheet and accelerate its retail expansion across India.
The funding round was led by existing investor Alteria Capital, with participation from InnoVen Capital, Lighthouse Canton and a leading bank. The latest raise comes less than a year after the company secured a $15 million equity investment led by Peak XV Partners, alongside Fireside Ventures, Sparrow Capital, Prath Ventures and Alteria Capital.
The company said it will utilise the capital to expand its company-owned retail network, invest in product design and innovation, strengthen talent and enhance its omnichannel capabilities.
Founded in 2023, Aukera has expanded its retail footprint from 13 to 35 company-owned stores over the past year, entering new markets including Pune, Lucknow, Dehradun and Visakhapatnam, in addition to its presence in Bengaluru, Hyderabad and Delhi-NCR.
“This category will not be won on discounting — it will be won on trust, quality and brand. This capital lets us take that promise to many more cities, faster,” said Lisa Mukhedkar, founder and CEO, Aukera.
“We believe this category will require the top player to invest at least Rs 1,000 crore, as the mining industry resets to recognise the permanence of grown diamonds. We are building the balance sheet and the business to be that player,” said Kumar Saurabh, co-founder, Aukera.
The company operates company-owned experience stores and offers buyback and exchange programmes for its jewellery. Aukera said it remains on track towards its long-term goal of building a Rs 1,000 crore brand as competition in India’s lab-grown diamond jewellery segment continues to intensify.
