The Bengaluru-founded startup has already grown from 13 to 35 company-owned stores since its last round and is now pushing into cities like Pune, Lucknow, and Vizag as India’s lab-grown diamond market heads toward $11.6 billion by 2035
Aukera, a lab-grown diamond jewellery company, has raised ₹90 crore in funding from Alteria Capital, along with other investors, including InnoVen Capital, Lighthouse Canton, and a reputed bank. The company is expected to use its funds for expansion and talent acquisition.
What Aukera Has Built So Far
Aukera, founded in 2023 by Lisa Mukhedkar and Kumar Saurabh, raised $15 million in prior funding rounds led by Peak XV Partners, Fireside Ventures, and Sparrow Capital. Since its last round of funding, the company has expanded its reach from 13 to 35 stores across Bengaluru, Hyderabad, and Delhi-NCR, as well as cities such as Pune, Lucknow, Dehradun, and Vizag. Actress Taapsee is the brand ambassador of Aukera.
The Premium Positioning
Aukera occupies the high end of India’s lab-grown diamond market, with all its diamonds certified to the highest global grading standards. Mukhedkar framed the competitive logic clearly, saying the category will not be won on discounting but on trust, quality, and brand. Co-founder Saurabh added that the top player in this space will need to invest at least Rs 1,000 crore as the mining industry adjusts to recognising the permanence of grown diamonds as a product category.
The Market Behind the Bet
The timing of this indicates the structural momentum within the sector. The Indian lab-grown diamond market was valued at $2.8 billion in 2025 and is expected to grow to $11.6 billion by 2035, representing a compound annual growth rate of 15.4%, according to Vantage Market Research. This growth points to a greater effort to rebalance the global diamond value chain, including cost efficiency, traceability, and scalable production. It provides an opportunity for premium local brands to carve out a niche before entering the market.
