Aukera, a Bengaluru-based direct-to-consumer lab-grown diamond startup, has raised ₹90 crore (around $10 million) in a debt funding round led by Alteria Capital, with participation from InnoVen Capital, Lighthouse Canton, and an undisclosed bank, the company announced. The capital will be used to expand its store network and enhance its product and omnichannel capabilities.
Founded in 2023 by Lisa Mukhedkar and Kumar Saurabh, Aukera had previously raised $15 million in a Series B round led by Peak XV Partners. Since then, it has increased its physical presence from 13 to 35 owned stores, entering new cities including Pune, Lucknow, Dehradun, and Vizag, after initially launching in Bengaluru, Hyderabad, and Delhi NCR. The startup sells lab-grown diamond jewellery through both its website and physical stores.
The Indian lab-grown diamond market is growing rapidly, attracting investor interest and consumer demand. Aukera has raised approximately $28.2 million in total funding from investors such as Fireside Ventures, Sparrow Capital, and Prath Ventures. The startup aims to become a ₹1,000 crore brand. This funding round follows other recent investments in the sector, including Lucira's $5.5 million seed round led by Blume Ventures.
Aukera plans to use the new funds to open additional stores in existing and new markets, invest in design and product innovation, hire talent, and strengthen its omnichannel infrastructure, according to inc42.com.