Aukera Raises $15 Million to Disrupt India’s Fine Jewellery Market with Lab-Grown Diamonds
Aukera, an emerging fine jewellery brand based in Bengaluru that is rewiring the fine jewellery business with lab-grown diamonds, has secured $15 million in growth capital. This round was led by Peak XV Partners while existing investors Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital also made contributions.
Founded in 2023 by Lisa Mukhedkar and Kumar Saurabh, Aukera is working in the premium space and has established a physical presence in four important Indian locations – Bengaluru, Noida, Gurugram, and Hyderabad. It has been only two years since the brand got rolling right up to 13 stores spread out across India and now plans to expand aggressively into retail.
The proceeds from the newly raised capital will be utilized for retail expansion, improve product design and merchandising, build a solid omni-channel business, and improving brand positioning in India’s shifting and evolving jewellery market. Aukera will also be investing in top-tier talent across the board, which include design, marketing, and operations.
“Aukera was born from a core consumer insight—women in India were dissatisfied with the low-quality, small mined diamonds that fit their budget. We saw an opportunity to deliver superior value with high-grade, lab-grown diamonds crafted into timeless fine jewellery,” said CEO Lisa Mukhedkar. “Our vision is to scale this into a ₹1,000 crore brand over the next five to seven years.”
Co-founder Kumar Saurabh emphasized the startup’s rapid progress and future outlook: “This investment marks a pivotal moment in our journey. We’re challenging traditional norms in the diamond jewellery industry and building a brand that is modern, ethical, and scalable.”
Abhishek Mohan, Principal at Peak XV Partners, added, “India’s lab-grown diamond category is at an inflection point, backed by changing consumer preferences and industry dynamics.”It’s a privilege to partner with Lisa and Kumar, two exceptional founders who bring complementary strengths to the challenges of scaling Aukera’s vision.” With unprecedented levels of investment entering the global jewellery industry behind sustainability and transparency, Aukera is positioning itself as a category leader in India’s growing lab-grown diamond space, allowing it to bring premium quality, design and accessibility to a new generation of consumers.
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