Lab-grown jewellery brand Aukera has secured Rs 26.7 crore in its latest Series A funding round led by Fireside Ventures. It is the first institutional investment for a one-year-old omnichannel brand that focuses on diamonds 90% of the time.
According to its latest annual regulatory filing accessed from the Registrar of Companies (RoC), the board of directors of Aukera Jewellery came up with a special resolution to issue 10 equity and 8,155 Series A CCPS at an issue price of Rs 32,713 each amounting to Rs 26.7 crore.
The Series-A round was led by Fireside Ventures contributing Rs 23.75 crore while Sparrow Capital and Eternal Emerging Enterprises invested Rs 1.39 crore and Rs 1.57 crore respectively. The filing also suggested that the company will utilize these funds for expansion and other general corporate business as directed by the board.
Based on the latest allotment, the Bengaluru-based company has been estimated to be valued at approximately Rs 124 crore or $15 million. This round seems to be an open round and it may potentially raise more funding.
After the latest offerings, Fireside Ventures has a noteworthy 19.20% stake in the company while Sparrow Capital and Eternal Enterprises hold 7.59% and 5.89% stakes respectively. On the same note, the company has increased its pool of employee stock options with an addition of 1,180 options. At the moment total ESOP pool is equal to 1,896 options amounting to Rs 6.20 crore.
Launched in 2023, Aukera is a women-focused jewellery brand that specializes in lab-grown diamond Jewellery in white, rose, yellow gold and platinum. It mainly targets the online market for its products and it has set up 2 stores in Bengaluru.
The jewellery firm competes with a range of firms that include Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox. In a related development, GIVA, backed by Aditya Birla Group, also has a lab-grown diamond jewellery line.
Source: Entrackr
