In the sustainable luxury universe, this comes as an exciting development: Fireside Ventures has made a substantive investment in the innovative brand of lab-grown jewelry, Aukera. This is Series A funding amounting to a humongous Rs 26.7 crore, roughly around $3.2 million for the one-year-old omnichannel brand that deals in exquisite lab-grown diamond jewelry.
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Differentiating itself by setting beautiful pieces of jewelry with lab-grown diamonds and finishing them in white, rose, yellow gold, and platinum, Aukera, initiated in 2023, has made a name for itself. Though being an exclusively online and implant store-based jewelry brand primarily out of Bengaluru, this brand is here to stay. The company’s focus on women-centric designs and sustainability practices has also appeared to strike a chord with environmentally conscious consumers looking for alternatives to traditional mined diamonds.
The capital infusion was led by Fireside Ventures, which pitched in with Rs 23.75 crore, while Sparrow Capital and Eternal Emerging Enterprises also participated in this latest fund raise, putting in Rs 1.39 crore and Rs 1.57 crore, respectively. The funds will help Aukera implement its expansive strategy and finance general corporate purposes, the company’s regulatory filings showed. As per TheKredible’s estimates, the company has been valued at around $ 15 million post – allotment.
Aukera’s board has passed a special resolution for issuing 10 equity and 8,155 Series A CCPS at an issue price of INR 32,713, each to raise Rs 26.7 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows.
With the new infusion, Fireside Ventures holds a massive 19.20% stake in Aukera; Sparrow Capital and Eternal Enterprises has 7.59%;, while Aukera Jewellery holds 5.89%. Such strategic partnering will bring in not just monetary backing for growth to the brand, but will also align Aukera with sustainable luxury in the vision of the investor base.
Other than the financial boost, Aukera has also increased its ESOP pool, with 1,180 options added to its existing pool of 1,896 options valued at Rs 6.20 crore. This move brings out the commitment of the Company to its team and the belief in shared success as it continues to innovate and expand.
Aukera is entering the competitive market space of laboratory-grown diamond brands, currently owned by names such as Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox. In a crowded market, the brand could very well capture the increasingly growing segment of ethically and environmentally conscious customers.
This latest investment from Fireside Ventures acts as a booster shot for Aukera while it is up and innovating to totally redraw the face of luxury jewelry with creations born in a lab.
