Aukera Secures INR 128 Crore to Expand Lab-Grown Diamond Retail Network

In a significant development within India’s burgeoning lab-grown diamond (LGD) sector, Bengaluru-based fine jewellery startup Aukera has successfully raised USD 15 million, approximately INR 128 crore, in its Series B funding round. This round was spearheaded by Peak XV Partners, with participation from existing investors such as Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital.

Founded in 2023 by Lisa Mukhedkar and Kumar Saurabh, Aukera has rapidly carved a niche for itself as a premium player in the LGD jewellery market. The brand offers a blend of modern and traditional designs, all featuring IGI certified stones. Currently, Aukera operates 13 company-owned stores across Bengaluru, Delhi NCR, and Hyderabad, with plans to expand aggressively in the coming months. Two new stores are slated to open soon as part of a broader pan-India expansion strategy.

A Category Ready to Shine

The newly secured funding will be directed towards expanding Aukera’s retail footprint, enhancing product offerings, and investing in design, branding, and marketing initiatives. By adopting an omnichannel approach that integrates physical showrooms with online platforms, Aukera aims to provide a seamless shopping experience for India’s modern jewellery consumers.

“Aukera is built on consumer insight—particularly among women who are fed up with the high cost and small sizes of mined diamonds,” stated Lisa Mukhedkar, Founder and CEO. “We’re solving that problem by offering high-graded, ethically sourced, and beautifully designed lab-grown diamond jewellery at affordable prices.”

Co-founder Kumar Saurabh added, “This is a big deal for us as we move into our next phase of growth. We are disrupting the fine jewellery consumption in India.”

The Investment Thesis

Lead investor Peak XV Partners, formerly known as Sequoia Capital India, has placed a strategic bet on the evolving consumer preferences. Abhishek Mohan, Principal at Peak XV, commented, “Driven by structural tailwinds and a strong consumer shift, Aukera is well-positioned to lead India’s fast-growing lab-grown diamonds category. Lisa and Kumar bring complementary strengths and proven execution capabilities.”

Echoing this sentiment, Kanwaljit Singh, Managing Partner at Fireside Ventures, an early backer since 2024, remarked, “Aukera is not just another lab-grown diamond brand—it is redefining how fine jewellery is consumed in India.”

With this Series B round, Aukera’s total funding raised stands at INR 170 crore, and the company is now valued at approximately INR 600 crore. The startup reported INR 5.19 crore in revenue for FY24.

India’s Evolving LGD Market

India’s lab-grown diamond jewellery market, valued at an estimated USD 350 million (approximately INR 2,992 crore) as of 2024, is projected to grow at 15% annually over the next decade. The global momentum for LGDs—especially in the US and China—is reflected in Indian metros, where millennials and Gen Z consumers are increasingly opting for eco-conscious and cost-effective alternatives to traditionally mined diamonds.

Aukera’s business model distinguishes itself by maintaining direct control over its retail operations, eschewing the franchise model favored by many competitors. The brand faces competition from a growing list of rivals, including BlueStone, Fiona Diamonds, Limelight Lab Grown Diamonds, Jewelbox, COLUXE, and the Aditya Birla-backed GIVA, which recently raised INR 530 crore in its Series C round.

Notably, Tata Group’s Trent has also entered the market with its LGD-focused brand Pome, while Senco Gold has launched a dedicated subsidiary, Sennes Fashion, indicating heightened interest from established players.

Road Ahead

With the backing of marquee investors and the momentum of shifting consumer sentiment, Aukera is poised to scale to INR 1,000 crore in revenue over the next five to seven years. The company is focused on entering new Indian markets, increasing its store count, and establishing itself as the market leader in the country’s emerging LGD segment.

As consumers increasingly seek jewellery that aligns with their values—ethical sourcing, affordability, and aesthetics—Aukera is betting big on the future of fine jewellery in India being lab-grown.

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