Bengaluru-based direct-to-consumer (D2C) lab-grown diamond jewellery startup Aukera has raised ₹90 crore (approximately $10 million) in a debt funding round led by Alteria Capital. In addition, InnoVen Capital, Lighthouse Canton and an undisclosed bank participated in the financing to support the company’s next phase of expansion.
The startup plans to utilise the fresh capital to open new stores across existing and emerging markets. Furthermore, it will invest in design and product innovation, strengthen talent acquisition efforts and enhance its omnichannel infrastructure.
Following its Series B funding round led by Peak XV Partners, Aukera significantly expanded its retail presence from 13 company-owned stores to 35 outlets. As part of this expansion, the startup entered new markets, including Pune, Lucknow, Dehradun and Visakhapatnam, while building on its existing footprint in Bengaluru, Hyderabad and Delhi NCR.
Lisa Mukhedkar and Kumar Saurabh founded Aukera in 2023 as an omnichannel jewellery brand specialising in lab-grown diamond products. The company currently serves customers through its e-commerce platform as well as its network of physical retail stores.
With the latest debt funding, Aukera has now secured total funding of approximately $28.2 million. Its investor base includes Fireside Ventures, Sparrow Capital, Prath Ventures and several other institutional investors.
The startup has also set an ambitious goal of building a ₹1,000 crore brand, although it has not disclosed a timeline for achieving the milestone.
Meanwhile, the fundraising reflects the growing momentum in India’s lab-grown diamond industry, which continues to attract increasing interest from both consumers and investors.
The sector has witnessed notable investment activity over the past year. For instance, lab-grown diamond jewellery startup Lucira raised $5.5 million in a seed funding round led by Blume Ventures last year.
In addition to established brands such as Titan’s BEYON, Trent’s Pome and PNG Jewellers, the Indian lab-grown diamond market also features emerging startups, including True Diamond and Cosmos Diamonds. Industry estimates project that India’s lab-grown diamond market will expand at a compound annual growth rate (CAGR) of 14.8% and reach a value of nearly $2 billion by 2036.
