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Exclusive: Fireside invests in lab grown jewellery brand Aukera

EntrackrEntrackr · 1y ago
Exclusive: Fireside invests in lab grown jewellery brand Aukera
Medial

Lab-grown jewellery brand Aukera has raised Rs 26.7 crore (approximately $3.2 million) in its Series A round led by Fireside Ventures. This is the first institutional investment for a year-old omnichannel brand, which mostly deals in diamonds. The board at Aukera Jewellery has passed a special resolution to issue 10 equity and 8,155 Series A CCPS at an issue price of Rs 32,713 each to raise Rs 26.7 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. Fireside Ventures spearheaded the Series A round with Rs 23.75 crore while Sparrow Capital and Eternal Emerging Enterprises participated with Rs 1.39 crore and 1.57 crore, respectively. The company will use these funds for expansion and general corporate business, as decided by the board, the filing further added. As per TheKredible’s estimates, the company has been valued at around Rs 124 crore or $15 million post-allotment. This round appears to be an ongoing one and it may raise more capital. Following the fresh proceeds, Fireside Ventures holds a significant 19.20% stake in the company while Sparrow Capital and Eternal Enterprises will command 7.59% and 5.89% of Aukera Jewellery. With the fundraise, the company has also expanded its employee stock options pool with addition of 1,180 options. At present, its total ESOP pool consists of 1,896 options. According to TheKredible estimates, Aukera’s overall ESOP pool is worth Rs 6.20 crore. Founded in 2023, Aukera is a women-centric jewellery brand that offers lab-grown diamond jewellery in white, rose, yellow gold, and platinum. It sells its products through its website and has 2 stores in Bengaluru. The Bengaluru-based firm competes with a clutch of firms including Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox. Aditya Birla-backed GIVA also offers a lab-grown diamond jewellery line.

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Lab-grown diamond brand Aukera raises $15 Mn led by Peak XV

EntrackrEntrackr · 6m ago
Lab-grown diamond brand Aukera raises $15 Mn led by Peak XV
Medial

Lab-grown diamond jewellery brand Aukera has secured $15 million in its Series B funding led by Peak XV Partners. Existing investors Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital have also participated in the round. Earlier in August last year, Aukera had raised Rs 26.7 crore (approximately $3.2 million) in its Series A financing led by Fireside Ventures. Entrackr had exclusively reported the development. The proceeds will help Aukera grow its retail presence, improve its products, and strengthen its position in India’s fine jewellery market. Founded two years ago by Lisa Mukhedkar and Kumar Saurabh, Aukera has 13 stores in cities such as Bengaluru, Delhi NCR, and Hyderabad. The brand plans to enter more cities and aims to become a Rs 1,000 crore brand in the next five to seven years. Aukera focuses on selling high-quality, lab-grown diamonds set in fine jewellery. It targets women who want better designs and bigger diamonds without the high costs of mined stones. The Bengaluru-based firm competes with a clutch of firms including Fiona Diamonds, Limelight Lab Grown Diamonds, True Diamond, COLUXE, and Jewelbox. Aditya Birla-backed GIVA also offers a lab-grown diamond jewellery line.

Lab-grown diamond brand Reia Diamonds raises pre-seed round

EntrackrEntrackr · 2m ago
Lab-grown diamond brand Reia Diamonds raises pre-seed round
Medial

Lab-grown diamond jewellery brand Reia Diamonds has raised Rs 2 crore in a pre-seed funding round led by Dinesh Talera and family, along with participation from Venture Catalysts. The proceeds will be utilized to accelerate its next phase of retail expansion, strengthen its omnichannel footprint, and deepen innovation across engagement rings and versatile everyday jewellery, Reia Diamonds said in a press release. Launched in 2023 by Prapanjj S K Kota, Reia Diamonds is a jewellery brand specializing in lab-grown diamond jewellery. The brand aims to provide beautiful, high-quality, and ethically sourced lab-grown diamond jewellery. It primarily sells exquisite lab-grown diamond jewellery but also offers natural diamonds. It is known for its original designs, full customization, and transparent pricing. As per market research, India’s lab-grown diamond market is estimated at $300–350 million in 2024 and is projected to grow at a ~15% CAGR over the next decade. Reia Diamonds says that it uses certified lab-grown diamonds that are identical to mined diamonds in brilliance, and by blending innovation with craftsmanship, it creates jewellery that is conscious, timeless, and truly for the modern Indian woman. Since inception, the brand claims to have built three profitable stores across Bengaluru, Guwahati, and Coimbatore. It offers a franchise model, which enables the brand to scale rapidly while maintaining profitability.

Firefly Diamonds raises $3 Mn in seed round led by WestBridge Capital

EntrackrEntrackr · 9m ago
Firefly Diamonds raises $3 Mn in seed round led by WestBridge Capital
Medial

Firefly Diamonds raises $3 Mn in seed round led by WestBridge Capital Indian lab-grown diamond jewellery brand Firefly Diamonds has raised $3 million in its seed round led by WestBridge Capital. The proceeds will be used to accelerate the brand’s retail expansion, and its digital presence, and fuel R&D for new and distinctive jewellery collections. Co-founded by Adit and Aayush Bhansali, Firefly utilizes advanced technology to create lab-grown diamonds which offer the same physical, optical, and chemical characteristics as mined diamonds, but their production has a dramatically lower impact on the environment. It offers fine jewellery set in 14K and 18K gold. The brand has stores across 4 cities currently - Mumbai, Pune, Bengaluru, and Hyderabad with a plan to expand to over 20 locations within the following two years. In the lab-grown diamond space, Firefly Diamonds will compete with a clutch of firms including COLUXE, Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox. Aditya Birla-backed GIVA also offers a lab-grown diamond jewellery line.

Priyanka Gill’s lab-grown diamond brand COLUXE raises angel funding

EntrackrEntrackr · 10m ago
Priyanka Gill’s lab-grown diamond brand COLUXE raises angel funding
Medial

Priyanka Gill’s lab-grown diamond brand COLUXE raises angel funding Serial entrepreneur Priyanka Gill, Venture Partner at Kalaari Capital and Co-Founder of the Good Glamm Group, has launched COLUXE, a lab-grown diamond (LGD) brand. The brand has also raised funds in its angel round for an undisclosed amount. COLUXE offers contemporary designs focusing on collections built around the classic suite of jewellery, from solitaire rings, pendants, earrings, tennis bracelets & necklaces to thematic collections around the zodiac, gifting, manifestation, and the COLUXE signature pieces. According to the company, the key differentiator for COLUXE will be the technology-led focus on customisation and innovating new mechanisms allowing multi-use settings and personalisation through AI. It claims to have an easy integration across flagship stores and digital platforms. The startup plans to launch digitally in mid-2025, followed by flagship retail expansion, tapping into India's $50 billion fine jewellery market. In the lab-grown diamond space, COLUXE will compete with a clutch of firms including Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox. Aditya Birla-backed GIVA also offers a lab-grown diamond jewellery line.

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