In a big development in India’s lab-grown diamond (LGD) space, Bengaluru-based fine jewellery start-up Aukera has raised USD 15 million (~INR 128 crore) in its Series B round. The round was led by Peak XV Partners and had participation from existing investors Fireside Ventures, Sparrow Capital, Prath Ventures and Alteria Capital.
Founded in 2023 by Lisa Mukhedkar and Kumar Saurabh, Aukera has quickly established itself as a premium player in the LGD jewellery space, offering modern and traditional designs with IGI certified stones. The brand has 13 company owned stores in Bengaluru, Delhi NCR and Hyderabad and plans to scale up aggressively in the next few months. Two new stores are opening up soon as part of its pan India expansion.
A Category Ready to Shine
The new funding will be used to expand Aukera’s retail presence, product offerings and invest heavily in design, branding and marketing. With an omnichannel approach that combines physical showrooms and online platforms, Aukera will offer a seamless buying experience to India’s new-age 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,” said 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.”
Aukera’s co-founder Kumar Saurabh said, “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 made a bold bet on the shift in consumer preference. Abhishek Mohan, Principal at Peak XV, stated, “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.”
Fireside Ventures, an early backer since 2024, echoed this sentiment. “Aukera is not just another lab-grown diamond brand—it is redefining how fine jewellery is consumed in India,” said Kanwaljit Singh, Managing Partner.
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 is currently valued at an estimated USD 350 million (~INR 2,992 crore) as of 2024, and is projected to grow at 15% annually over the next decade. The global momentum for LGDs—especially in the US and China—is being mirrored in Indian metros, with millennials and Gen Z consumers increasingly opting for eco-conscious and cost-effective alternatives to traditionally mined diamonds.
Aukera’s model stands apart by retaining direct control over its retail operations, avoiding the franchise model favored by many peers. The brand competes with a growing list of rivals, including BlueStone, Fiona Diamonds, Limelight Lab Grown Diamonds, Jewelbox, COLUXE, and Aditya Birla-backed GIVA, which recently raised INR 530 crore in its Series C round.
Notably, Tata Group’s Trent has also entered the fray 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 wind of shifting consumer sentiment at its sails, Aukera is gearing up to scale to INR 1,000 crore in revenue over the next five to seven years. The company is focused on venturing into new Indian markets, expanding store count, and establishing itself as the market leader in the country’s emerging LGD segment.
As consumers look for jewellery that aligns with their values—ethical sourcing, affordability, and aesthetics — Aukera is betting big that the future of fine jewellery in India is lab-grown. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.