Fashion and silver jewellery brand Kushal’s raised Rs 284 crore in a Series B funding round, led by Lighthouse India Fund IV AIF. Kushal’s is the first investment by Lighthouse from its newly raised, fourth private equity fund. This round also includes a secondary buy-out providing part exit to its first institutional investor India SME Investments, which invested in 2019.
“The funding will facilitate investments in brand building, technology, people and retail expansion. We are thrilled to have Lighthouse as a partner in our journey. With their guidance and support, we hope to accelerate our growth, delighting consumers across the country,” Manish Gulechha, Co-Founder of Kushal’s Retail.
The Company has earlier raised funds from India SME Investments followed by MOPE. The current round of growth capital will be utilized to build the brand and scale its retail presence.
Founded in 2006 by the Gulechha family, Kushal’s offers a diverse range of fashion jewellery for weddings, festivals, occasions, and everyday wear. The company distributes its products through an extensive network of over 75 stores spanning across more than 25 cities in India, in addition to its robust online channels.
“Kushal’s is uniquely placed to grow with strong macro tailwinds in the category and changing consumers’ preference for fashion jewellery that is becoming an integral part of their lifestyle. We are pleased to partner with the Gulechha family in this journey and are very excited about the Company’s future,” Anshul Jain, Managing Director, Lighthouse.
According to the company’s release, India’s fashion and silver jewellery market is valued at Rs 30,000 crore with an annual growth rate of 20% with organized retail at a 5 to 6% market share.
Kushal’s presently operates in cities such as Bangalore, Hyderabad, Chennai, Pune, Indore, Chandigarh, and others in India.
