With the fresh capital, Aukera will accelerate store openings in new and existing markets, continue investing in design, product innovation and strengthen the omnichannel infrastructure
Aukera, a premium lab-grown diamond jewellery brand, has raised Rs 90 crore (over USD 10 million) in fresh funding, led by existing investor Alteria Capital, along with InnoVen Capital, Lighthouse Canton and a leading bank.
With the fresh capital, Aukera will accelerate store openings in new and existing markets, continue investing in design, product innovation and talent and strengthen the omnichannel infrastructure that supports its retail engine. The brand said that it is on track towards its stated ambition of becoming a Rs 1,000 crore brand.
The raise comes less than twelve months after the company closed a USD 15 million equity round led by Peak XV Partners, with participation from Fireside Ventures, Sparrow Capital, Prath Ventures and Alteria Capital.
“This category will not be won on discounting, it will be won on trust, quality and brand. This capital lets us take that promise to many more cities, faster,” stated Lisa Mukhedkar, Founder and Chief Executive Officer (CEO), Aukera.
In the year since its last raise, Aukera has grown from 13 to 35 company-owned stores, expanding beyond Bengaluru, Hyderabad and Delhi NCR into cities including Pune, Lucknow, Dehradun and Vizag. The new capital will fuel the next phase of this expansion, the brand added.
“We believe this category will require the top player to invest at least Rs 1,000 crore, as the mining industry resets to recognise the permanence of grown diamonds. We are building the balance sheet and the business to be that player,” said Kumar Saurabh, Co-founder, Aukera.
