The Bengaluru-based jewellery brand secures Rs 90 crore in debt funding led by Alteria Capital to support store expansion, product development and omnichannel growth amid rising competition in the laboratory-grown diamond segment.
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Laboratory-grown diamond jewellery brand Aukera has raised Rs 90 crore in fresh debt funding, led by existing investor Alteria Capital, with participation from InnoVen Capital, Lighthouse Canton and a bank. The funding comes less than 12 months after the company secured US$15 million in equity funding led by Peak XV Partners.
Founded in 2023 by Lisa Mukhedkar and Kumar Saurabh, Aukera plans to deploy the latest capital towards expanding its retail network, developing new products and designs, strengthening its omnichannel infrastructure and hiring talent.
The company has expanded its company-owned store network from 13 to 35 over the past year, extending its presence beyond Bengaluru, Hyderabad and Delhi NCR into markets including Pune, Lucknow, Dehradun and Visakhapatnam. The fresh funding is expected to support further store openings across existing and new markets.
The funding comes as competition intensifies in India's laboratory-grown diamond jewellery market, with established jewellery companies entering the category. Titan, for instance, has launched beYon, its laboratory-grown diamond jewellery brand, adding to the organised retail landscape.
Aukera focuses on certified laboratory-grown diamonds and in-house designs, including proprietary cuts and design formats. The company also operates experience stores and offers buyback and exchange options.
“This category will not be won on discounting; it will be won on trust, quality and brand,” said Lisa Mukhedkar, Founder and CEO of Aukera.
Co-founder Kumar Saurabh said the company believes a leading player in the category would require an investment of at least Rs 1,000 crore, adding that Aukera is building its balance sheet and business to pursue that position.
The latest fundraise underscores continued investor participation in the laboratory-grown diamond jewellery segment, even as brands compete to establish differentiated propositions through design, retail expansion and customer trust.
