Lab Grown Jewellery Brand Aukera Raises Funds in its Series A Round led by Fireside Ventures

Aukera has issued 10 new shares and 8,155 Series A Convertible Compulsory Preference Shares (CCPS) at a price of Rs 32,713 each.

Aukera, a company that makes lab-grown jewellery, has raised about Rs 26.7 crore (around $3.2 million) in its first major funding round. 

This Series A round was led by Fireside Ventures, which invested Rs 23.75 crore. Other investors included Sparrow Capital, which put in Rs 1.39 crore, and Eternal Emerging Enterprises, which contributed Rs 1.57 crore.

To raise this money, Aukera has issued 10 new shares and 8,155 Series A Convertible Compulsory Preference Shares (CCPS) at a price of Rs 32,713 each. This investment will help Aukera expand and support its business operations. After this funding, the company's value is estimated to be around Rs 124 crore (or $15 million).

Currently, Fireside Ventures owns a 19.20% share of Aukera, while Sparrow Capital holds 7.59%, and Eternal Emerging Enterprises owns 5.89%. This funding round might continue, potentially bringing in more money.

Founded in 2023, Aukera is a jewellery brand focused on women, offering lab-grown diamond jewellery in white, rose, and yellow gold, as well as platinum. The company sells its products online and has two stores in Bengaluru.

Aukera competes with several other companies like Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox. It also faces competition from GIVA, which is backed by Aditya Birla and offers its own line of lab-grown diamond jewellery.