Key Points
- Aukera raises ₹90 crore from Alteria Capital and others, less than 12 months after US$15 million round
- Company expanded from 13 to 35 stores across India in one year
- Founders target ₹1,000 crore revenue amid Titan's entry into lab-grown diamond market
Aukera, a lab-grown diamond jewellery brand backed by Peak XV Partners, has raised ₹90 crore (about $ 10 million) in fresh funding led by Alteria Capital, the company announced on Friday (10 July). The round, which included InnoVen Capital, Lighthouse Canton and an unnamed bank, comes less than 12 months after Aukera closed a $15 million equity round.
Lab-grown diamonds are chemically identical to mined diamonds but are manufactured in controlled laboratory environments rather than extracted from the earth. They typically cost 30 to 40 per cent less than mined diamonds of equivalent quality.
The Bengaluru-based company said it has expanded from 13 to 35 company-owned stores since its previous funding round. Its retail footprint now extends beyond Bengaluru, Hyderabad and Delhi NCR into Pune, Lucknow, Dehradun and Visakhapatnam.
The funding arrives as larger players enter the lab-grown diamond segment. Titan, the Tata Group jewellery company, launched its lab-grown diamond brand Beyon earlier this year, intensifying competition in a category that Aukera has been building since its founding in 2023.
Aukera target ₹1,000 crore revenue
Lisa Mukhedkar, founder and chief executive officer of Aukera, said the fresh capital would support expansion into more cities. “This category will not be won on discounting — it will be won on trust, quality and brand,” she said.
Kumar Saurabh, co-founder of Aukera, said the company was positioning itself for a prolonged investment phase. “We believe this category will require the top player to invest at least ₹1,000 crore, as the mining industry resets to recognise the permanence of grown diamonds,” he said.
By the numbers
- ₹90 crore
- Fresh funding raised by Aukera
- 35 stores
- Company-owned retail outlets across India
- ₹1,000 crore
- Revenue target stated by founders
The company said it would use the funds to accelerate store openings, invest in product design and strengthen its retail and online infrastructure. Aukera operates only company-owned stores and offers assured buyback and exchange on all purchases.
Aukera’s investor roster includes Peak XV Partners, Fireside Ventures, Sparrow Capital, Prath Ventures and Alteria Capital. The company said it was on track towards its stated target of becoming a ₹1,000 crore brand, though it did not disclose current revenue figures or a timeline for reaching this goal.
The brand positions itself at the premium end of the lab-grown diamond market, with all diamonds certified to international grading standards. Actor Taapsee Pannu serves as the face of the brand.
The back-to-back funding rounds — $15 million in equity followed by $10 million in debt and venture debt — reflect investor appetite for the lab-grown diamond category in India, even as the segment remains nascent compared to the traditional jewellery market.
Your Questions, Answered
How much funding has Aukera raised in total?
Aukera raised ₹90 crore in its latest round led by Alteria Capital, following a US$15 million equity round less than 12 months earlier. The company is backed by Peak XV Partners, Fireside Ventures, Sparrow Capital, Prath Ventures and Alteria Capital.
How many stores does Aukera operate in India?
Aukera operates 35 company-owned stores across India, up from 13 stores at the time of its previous funding round. The brand has expanded beyond Bengaluru, Hyderabad and Delhi NCR into cities including Pune, Lucknow, Dehradun and Visakhapatnam.
What is the difference between lab-grown and mined diamonds?
Lab-grown diamonds are chemically identical to mined diamonds but are manufactured in controlled laboratory environments rather than extracted from the earth. They typically cost 30 to 40 per cent less than mined diamonds of equivalent quality.
Who are Aukera's competitors in the lab-grown diamond market?
Titan, the Tata Group jewellery company, launched its lab-grown diamond brand Beyon in 2026, entering the segment where Aukera has been operating since 2023. The category remains nascent in India compared to traditional jewellery.
