Lab-grown diamond jewellery start-up Aukera raises $15 million to expand network 

Lab-grown diamond jewellery company Aukera on Monday said it has raised $15 million in growth capital led by Peak XV Partners with follow-on participation from existing investors, including Fireside Ventures, Sparrow Capital, Prath Ventures and Alteria Capital.

The funding comes as India’s lab-grown diamond jewellery market, while still nascent at an estimated $350 million in 2024, is projected to grow at around 15 per cent annually over the next decade, according to consultancy firm Redseer.

Founded two years ago, Aukera has scaled to 13 stores across India including Bengaluru, Delhi NCR, and Hyderabad. The company faces competition from established players like BlueStone and Melorra, as well as specialised lab-grown diamond retailers including Jewelbox, Fiona Diamonds, and Limelight Lab Grown Diamonds.