Premium lab-grown diamond jewellery brand Aukera has raised USD 15 million in a fresh funding round, spearheaded by Peak XV Partners and supported by its existing backers including Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital.

The Bengaluru-based startup, founded in 2023 by Lisa Mukhedkar and Kumar Saurabh, announced that the newly acquired capital will be utilized to accelerate its national retail expansion, enhance its design and product innovation, and scale marketing capabilities. Currently, Aukera operates 13 company-owned stores across key metros including Bengaluru, Hyderabad, and the Delhi NCR region.

“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.”

Positioned within the premium fine jewellery segment, Aukera exclusively deals in lab-grown diamonds—a rapidly expanding category that resonates with modern consumers seeking sustainable, ethically sourced, and cost-effective alternatives to mined diamonds. All diamonds offered by Aukera are IGI-certified, with a blend of customisation options, traditional-meets-modern designs, and an omnichannel presence combining e-commerce with physical retail outlets.

The funding comes at a time when India’s lab-grown diamond (LGD) market is witnessing exponential growth. Currently valued at approximately USD 2.6 billion, the sector is projected to expand significantly over the coming years. Lab-grown diamonds are created using advanced technological processes that replicate the physical and chemical properties of natural diamonds, making them environmentally and economically viable.

“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.

“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 at Fireside Ventures, which initially invested in the brand in 2024.

Looking ahead, Aukera aims to scale its operations to INR 1,000 crore in revenue over the next five to seven years, by entering new markets, opening additional stores, and building a stronger brand presence.