Aukera Secures $15 Million in Series B Funding for Lab-Grown Diamond Jewellery

Lab-grown diamond jewellery brand Aukera has recently completed a successful Series B funding round, securing $15 million. This round was led by Peak XV Partners, with notable contributions from existing investors such as Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital.

While specific details regarding the company’s valuation and dilution were not publicised, Startup Superb’s review of regulatory filings provided insights into the round-wise breakdown and shareholding structure.

The board of Aukera Jewellery issued 988,129 preference shares at an issue price of Rs 1,250.3 each, resulting in a total raise of Rs 124 crore (approximately $15 million), as reported in their filing with the Registrar of Companies (RoC).

Peak XV Partners led the funding round with an investment of Rs 90.6 crore, while existing investor Fireside Ventures contributed Rs 23.7 crore. Additional amounts came from Sparrow Capital, Prath Ventures (through the Eternal Emerging Enterprise Fund), and Alteria Capital.

According to estimates from Startup Superb, the brand’s post-money valuation has increased over 4.5 times to reach Rs 604 crore (around $71 million), which is a significant rise from Rs 124 crore ($15 million) when the company previously raised $3.2 million in August of the previous year.

As reported by various sources, the Bengaluru-based startup has raised a total of approximately $19 million through multiple funding rounds. Following this latest round, Fireside Ventures emerges as the largest external shareholder with a 19.1% stake, while new investor Peak XV holds a 15% interest. Co-founders Lisa Mukhedkar and Kumar Saurabh each maintain a 24.1% ownership in the company.

Aukera: A Women-Centric Lab-Grown Diamond Jewellery Brand

Founded in 2023, Aukera focuses on women’s jewellery, offering a range of high-quality lab-grown diamond products such as rings, pendants, bracelets, and necklaces. The company operates through both online and offline platforms, currently running 13 stores across major cities including Bengaluru, Delhi NCR, and Hyderabad.

Financial Performance and Strategic Positioning

In its inaugural year of operations (FY24), Aukera reported operating revenue of Rs 5.2 crore, alongside a net loss of Rs 2.85 crore.

Aukera is positioned within a competitive landscape of lab-grown diamond jewellery startups that have recently captured investor interest. Competitors include Priyanka Gill’s COLUXE, which has secured angel funding; Jewelbox, which raised $3.2 million; and GIVA, supported by Aditya Birla, with Rs 530 crore raised, also offering a line of lab-grown diamonds. Other noteworthy players in this market include Fiona Diamonds, Palmonas, and Limelight Diamonds.