By Startup Story Team
Bengaluru-based jewellery startup Aukera has raised $15 million in fresh funding to grow its lab-grown diamond brand in India. The Series B round was led by Peak XV Partners, previously known as Sequoia Capital India. Existing investors Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital also participated in this round. With this funding, Aukera’s total capital raised so far has reached around $20 million. The investment marks a major step forward for the brand as it aims to scale up in the fast-growing lab-grown diamond jewellery segment in India.
Founders, Brand Vision, and Product Focus:
Aukera was founded in 2023 by Lisa Mukhedkar and Kumar Saurabh under the legal entity Aaryak Jewellery Pvt Ltd. The brand offers premium lab-grown diamond jewellery crafted in 18-karat gold and platinum. Its main focus is on providing customers with larger, high-quality diamonds at more affordable prices than traditional mined stones. Aukera’s jewellery is designed specifically for modern Indian women who want style, elegance, and value in their purchases. The founders believe the Indian market is ready for a major shift towards lab-grown alternatives and are positioning the brand to lead that transformation.
Current Presence and Expansion Plans:
At present, Aukera has 13 exclusive retail stores operating across Bengaluru, Delhi NCR, and Hyderabad. The company plans to open at least two more outlets in the next couple of weeks as part of its aggressive offline expansion. This retail presence, combined with a strong focus on brand building and customer experience, is a core part of their strategy to reach a wider audience. The new funding will be used to open more stores in key cities, expand product collections, invest in technology, and strengthen the brand’s omnichannel presence. The founders want to blend the best of physical retail with modern digital experiences to build long-term customer trust.
Revenue Goals and Future Aspirations:
Aukera is currently clocking steady growth in sales and is on track to achieve an annualised revenue run-rate of ₹200 crore by the end of this financial year. Looking ahead, the founders have set a long-term goal of turning Aukera into a ₹1,000 crore brand over the next five to seven years. This includes a sharp focus on quality control, customer satisfaction, repeat purchases, and word-of-mouth growth. The brand already sees around 25–30% of its sales coming from repeat and referral customers within six to eight months of launch, which shows early trust being built among buyers.
Investor Confidence and Market Opportunity:
Investors have shown strong confidence in Aukera’s vision and execution. Abhishek Mohan from Peak XV Partners stated that Aukera is perfectly placed to lead India’s growing lab-grown diamond jewellery market. Kanwaljit Singh of Fireside Ventures added that this funding round will help the brand scale up rapidly and set new benchmarks in quality and innovation. The timing of this investment is significant, as lab-grown diamonds are gaining global momentum. According to reports, India’s lab-grown diamond market is expected to grow from $300 million in 2023 to over $1.2 billion by 2033. Rising awareness, price advantage, and increasing fashion-consciousness among consumers are all contributing to this shift.
India-Centric Manufacturing and Rising Competition:
Aukera maintains a fully India-centric supply chain, with diamonds grown and processed locally. This not only helps with cost efficiency but also ensures better quality control and faster delivery to customers. The founders explained that as manufacturing shifts to India and China, the cost of producing lab-grown diamonds has become more stable. At the same time, competition in this space is heating up. Other brands like Fiona Diamonds, Limelight, True Diamond, COLUXE, Jewelbox, and even Aditya Birla-backed GIVA are also trying to capture a slice of the same market. But with strong branding, customer focus, and premium positioning, Aukera is aiming to stand out from the crowd.
