Source: Entrackr
Bengaluru, India – Lab-grown diamond jewellery brand Aukera has raised $15 million in a Series B funding round led by Peak XV Partners. Existing investors, including Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital, also participated in the round.
The company did not disclose its valuation in any official form, but according to regulatory filings reviewed by Entrackr. Aukera Jewellery’s board has approved the allotment of 988,129 preference shares at an issue price of ₹1,250.3 each, raising ₹124 crore (approximately $15 million), as per its filing with the Registrar of Companies (RoC).
- Peak XV Partners contributed about ₹90.6 crore
- Fireside Ventures contributed ₹23.7 crore
- The balance came from Sparrow Capital, Prath Ventures, and Alteria Capital.
- To raise the capital, Aukera issued about 9.88 lakh preference shares at ₹1,250.3.
As per Entrackr estimation, Aukera’s valuation has increased by over 4.5 times to approximately ₹604 crore ($71 million), which is up from its last valuation of ₹124 crore during its Series A, where it raised $3.2 million, announced in August 2024.
Ownership Following the Financing Round
As per TheKredible, Aukera has now raised about $19 million in total. Following this round:
- Fireside Ventures is a 19.1% owner.
- Peak XV Partners is a 15% owner.
- Co-founders Lisa Mukhedkar and Kumar Saurabh are 24.1% owners each
About Aukera
Aukera started its journey in 2023. We are a jewellery brand focusing on women, who sell lab-grown diamond jewellery like rings, necklaces, pendants, and bracelets. Our products are sold online and through stores.
Currently, the company has 13 stores in cities including Bengaluru, Delhi NCR, and Hyderabad.
During the fiscal year 2023–24 (FY24):
- Aukera generated revenue of ₹5.2 crore.
- encountered a net loss of ₹2.85 crore
Industry Competition
As it stands, there are numerous new enterprises that are entering the lab-grown diamond jewellery space, and market activity has begun to attract the attention of a community of investors. Some of Aukera’s competitors include:
- GIVA – backed by Aditya Birla, $530 crore raised
- Jewelbox – Raised 3.2 million
- COLUXE – founded by Priyanka Gill
- Others – Fiona Diamonds, Limelight Diamonds, Palmonas
These brands are becoming popular as there are more and more customers opting for sustainable and affordable substitutes to natural diamonds.
What’s next for Aukera
With the new funding, Aukera intends to:
- Open more stores in other cities.
- Design and improve customer experience
- Increase its game both online and offline.
