Aukera has raised ₹90 Cr (around $10 Mn) in a debt funding round led by Alteria Capital
The startup said it aims to become a ₹1,000 Cr brand but didn’t give any timeline for it
The Bengaluru-based startup said it would deploy the capital to open stores in existing and new markets, invest in design and product innovation, talent acquisition, and strengthen its omnichannel infrastructure
A year after raising $15 Mn in its Series B funding roundD2C lab-grown diamond startup the opportunity has raised ₹90 Cr (around $10 Mn) in a debt funding round led by Alteria Capital, with participation from InnoVen Capital, Lighthouse Canton, and an undisclosed bank to fuel expansion.
The Bengaluru-based startup said it would deploy the capital to open stores in existing and new markets, invest in design and product innovation, talent acquisition, and strengthen its omnichannel infrastructure.
Post its Series B funding round, which was led by Peak XV Partners, the startup expanded from 13 stores to 35 owned stores, entering cities such as Pune, Lucknow, Dehradun and Vizag after starting with markets such as Bengaluru, Hyderabad and Delhi NCR.
Founded in 2023 by Lisa Mukhedkar and Kumar Saurabh, Aukera is an omnichannel brand which sells lab-grown diamond jewellery through its website and stores.
Including the latest debt round, Aukera has raised a total funding of around $28.2 Mn to date from the likes of Fireside Ventures, Sparrow Capital, Prath Ventures, among others.
The startup said it aims to become a ₹1,000 Cr brand but didn’t give any timeline for it.
The development comes at a time when the Indian lab-grown diamond market is expanding rapidly, getting traction from customers as well as investors.
Last year, lab-grown diamond jewellery startup Lucira raised $5.5 Mn in a seed funding round led by Blume Ventures.
Besides legacy brands like Titan’s BEYON, Trent’s Pome, and PNG Jewellers, the Indian lab-grown diamond market has the presence of startups like True Diamond and Cosmos Diamonds. The country’s lab-grown diamond market is projected to grow at a 14.8% CAGR and reach a size of almost $2 Bn by 2036.
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