Indian lab-grown diamond jewelry brand Aukera has raised Rs 90 crore, or about $10 million, in a funding spherical led by present investor Alteria Capital.

InnoVen Capital, Lighthouse Canton and an unnamed financial institution additionally participated within the spherical.

The Bengaluru-based startup stated it should use the cash to open shops in new and present markets, spend money on design, product innovation and recruitment, and strengthen the infrastructure supporting its on-line and bodily retail operations.

“This capital lets us take that promise to many extra cities, quicker,” founder and CEO Lisa Mukhedkar stated in a press release.

The funding comes a yr after Aukera raised $15 million in an fairness spherical led by Peak XV Companions. Hearth Ventures, Sparrow Capital, Prath Ventures and Alteria Capital additionally participated in that spherical.

Aukera stated it had expanded its community of company-owned shops from 13 to 35 for the reason that earlier fundraising.

The startup initially operated in Bengaluru, Hyderabad and the Delhi Nationwide Capital Area, and has since entered cities together with Pune, Lucknow, Dehradun and Visakhapatnam.

Based in 2023 by Lisa Mukhedkar and Kumar Saurabh, Aukera sells lab-grown diamond jewellery by its web site and bodily shops.

Saurabh stated the startup believed the eventual market chief within the sector would want to take a position no less than Rs 1,000 crore as lab-grown diamonds gained wider acceptance as a everlasting various to mined stones.