Lab-grown diamond brand Aukera has raised $15 million, attracting Peak XV Partners as the lead investor in a round that includes continued support from Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital.

The Bengaluru-based startup, which focuses exclusively on lab-grown diamond jewellery, plans to use this funding to accelerate its retail expansion, bolster product innovation, and intensify design and marketing efforts.

Aukera stands apart in India’s growing lab-grown diamond market by offering IGI-certified stones, bespoke customization services, and a curated mix of modern and traditional jewellery.

With 13 company-owned stores already operating in key cities such as Bengaluru, Hyderabad, and the Delhi NCR region, Aukera operates through a robust omnichannel retail model that seamlessly blends high-traffic physical stores with an online shopping experience.

The lab-grown diamond industry, currently valued at $2.6 billion in India, is attracting attention for its sustainable, ethical, and cost-efficient alternative to mined diamonds. Aukera aims to shape this narrative by delivering bigger, better designs without environmental guilt.

Strategic Growth Backed by Series B Funding

The $15 million Series B round follows a $3.2 million Series A raise in August 2023, which was led by Fireside Ventures. With this new round, Aukera is gearing up to enter additional Indian metros, while fortifying its premium position through heightened visibility and product diversification.

“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.”

In a market teeming with competition from brands like Fiona Diamonds, Limelight, True Diamond, COLUXE, and Jewelbox, Aukera is carving out space by targeting women seeking ethically sourced diamonds that sparkle with quality and style. The brand also faces competition from Aditya Birla-backed GIVA, which raised $61.5 million in Series C funding last week and operates its own lab-grown diamond jewellery line.

“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.

Aiming for INR 1,000 Crore Revenue

Looking forward, Aukera plans to scale to INR 1,000 crore in revenue over the next five to seven years. Its roadmap includes new store openings, further expansion of its digital presence, and investment in storytelling that aligns with the values of modern consumers. Founders Lisa Mukhedkar and Kumar Saurabh launched the brand in 2023 with a clear mission: to democratize fine jewelry through sustainable alternatives.

By keeping lab-grown diamond innovation at its core and leveraging investor trust, Aukera is poised to sparkle brighter in a segment reshaping global jewelry preferences.

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.

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