Aukera, a brand that makes jewellery using lab-grown diamonds, has raised $15 million in new funding. Peak XV Partners led the funding round. Other investors who had already supported the company, like Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital, also took part in this round.
The company from Bengaluru said it will use the money to open more stores, improve its products, and spend more on design and advertising.
Founded in 2023 by Lisa Mukhedkar and Kumar Saurabh, Aukera operates 13 company-owned stores in cities such as Bengaluru, Hyderabad, and across the Delhi National Capital Region. The brand is positioned in the premium jewellery segment. It focuses exclusively on lab-grown diamonds, a category that has seen increased interest globally due to consumer concerns around sustainability and pricing transparency.
This funding round is happening when India’s lab-grown diamond (LGD) market is growing fast. Experts say the LGD jewellery market in India is worth about $2.6 billion and is expected to keep growing over the next 10 years. Lab-grown diamonds look and are made like real diamonds, but they are created in labs using advanced technology. People who support lab-grown diamonds say they are cheaper and better for the environment than mined diamonds.
“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.
The company said its growth so far has been led by demand for larger, higher-graded diamonds at relatively accessible price points. Its retail strategy includes offering IGI-certified stones, customisation services, and a range of contemporary and traditional designs. Aukera also operates an omni-channel model combining online sales with physical showrooms in high-footfall locations.
“Aukera is challenging the status quo,” said co-founder Kumar Saurabh. “This investment is meaningful as we pursue our next phase of growth.”
Lab-grown diamonds have become popular in many countries around the world, especially in the United States and China. India has always been known for cutting and polishing diamonds, but now it is also growing as a place where people buy lab-grown diamond jewellery. This is because younger buyers in India care more about buying diamonds that are made fairly and ethically.
Some people think that lab-grown diamonds might not keep their value over time and are not fully accepted in Indian culture yet. But companies like Aukera believe that as more people learn about them and change how they shop, lab-grown diamonds will become more popular.
Fireside Ventures, which first backed the brand in 2024, said the company represents a shift in consumer expectations. “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.
The company says it wants to grow and earn Rs 1,000 crore in the next five to seven years. They will use some of the new money to open more stores in new cities and make their brand more well-known.
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