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Aukera Has Secured $15 Mn by Peak XV Ventures
If you’re someone who loves wearing jewelry and tries new trending collections, then you must have heard about Aukera Diamonds. They are a lab-grown diamond company that makes exclusive styles for women. Must be wondering why I’m telling you this? They have recently secured funding from Peak XV Ventures.
Summary:
1. Aukera Diamonds, a lab-grown diamond jewellery startup, has secured $15 million in its latest fundraising round, led by Peak XV Partners.
2. The company operates 13 offline outlets in Bangalore, Delhi NCR, and Hyderabad, and plans to add two more in the next ten days.
3. India’s booming lab-grown diamond industry presents a potential prospect for both brands and investors, with the market expected to grow at a 14.8% CAGR to $1,192.3 million by 2033.
Curious to know more, dive into this story to read more and explore its other angel investors.
Aukera, a lab-grown diamond jewelry startup, has raised $15 million in its recent funding round led by Peak XV Partners.
According to this latest startup news, existing investors Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital also contributed to the round.
Also Read: Zilo Has Secured $4.5 Mn in Seed Round for Rapid Delivery
How Aukera Will Use This Funding?
Aukera will utilise the startup funding to expand its retail presence and product offerings by hiring design, merchandising, and marketing professionals. Currently, it operates 13 offline outlets in Bangalore, Delhi NCR, and Hyderabad. It will add two more during the next ten days.
Aukera, founded in 2023 by Lisa Mukhedkar and Kumar Saurabh, is a lab-grown diamond jewellery firm situated in Bengaluru. The latest funding involves the firm’s total funds raised to about $20 million.
“The demand for lab-grown diamonds in India is growing phenomenally,” Mukhedkar told media sources. “Our customers, who began buying from us out of ambiguous curiosity, are now engaged with the brand with a clear intent to buy, backed by trust. We currently have extremely high repeat and referral rates. It ranges between 25 and 30% over six to eight months.”
According to Mukhedkar, Aukera is likely to generate Rs 200 crore in yearly revenue by the end of this fiscal year. “We see ourselves growing to a Rs 1,000 crore brand in the next five to seven years.”
Kanwaljit Singh, founder and governing partner of Fireside Ventures, an existing investor in the company, said, “With this investment, Aukera is now ready to scale rapidly and set the benchmark for the category.”
“We are excited to partner with them as they scale Aukera’s footprint and strengthen the brand’s leadership in this emerging category,” Abhishek Mohan, principal at Peak XV Partners, said in a prepared statement.
Also Read: Wakefit Filed DRHP To Secure 468 Crore Soon
India’s booming lab-grown diamond industry is a potential prospect for both brands and investors. According to the Industrial Extension Bureau, an investment promotion organisation in Gujarat, the market is expected to grow at a 14.8% CAGR to $1,192.3 million by 2033, up from $299.9 million in 2023.
According to this latest startup news, Lab-grown diamonds are popular in several global markets, most notably the United States and China. While India was once a centre for diamond cutting and polishing, it is now emerging as a potential growth market for LGD retail, thanks to younger buyers and shifting attitudes towards ethical sourcing. While some opponents claim that the long-term resale value and cultural acceptance of lab-grown diamonds in India have yet to be established, companies such as Aukera are betting that changing consumer behaviour and expanding awareness will lead to increased adoption.
Fireside Ventures, which first backed the business in 2024, said the company marks a shift in consumer expectations.
“Aukera is not just another lab-grown diamond jewelry brand- with this startup funding, it’s seeking to redefine how fine jewelry is consumed in India,” said Kamaljit Singh, Managing Partner.
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