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Jewellery brand Kushal’s raises Rs 284 crores in series B funding round

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The funding will be utilised to build the brand and scale its retail presence

Bengaluru: Fashion jewellery brand Kushal’s has raised Rs 284 crore in a series B funding round led by Lighthouse India Fund IV AIF, the companies said in a joint press release on Wednesday. The funding will be utilised to build the brand and scale its retail presence.

“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,” said Manish Gulechha, co-founder of Kushal’s Retail.

Kushal’s is the first investment by Lighthouse from its newly raised, fourth private equity fund. The retailer has earlier raised funds from India SME Investments followed by Motilal Oswal Private Equity (MOPE). The recent round also includes a secondary buy-out providing part exit to its first institutional investor India SME Investments, which invested in 2019.

“Kushal’s is at the forefront of organising the large, fragmented fashion jewellery market in India with its premium product range catering to the needs of aspirational consumers. We are pleased to partner with the Gulechha family in this journey and are very excited about the Company’s future,” said Anshul Jain, managing director at Lighthouse.

Founded in 2006 by the Gulechha family, Kushal’s offers a range of fashion jewellery for weddings, festivals, occasions, and everyday wear. The company distributes its products through a network of over 75 stores spanning more than 25 cities in India, in addition to online channels.

Lighthouse is a private equity firm focused on growth investments in the consumer and healthcare space. The firm has been investing in India since 2007 and has invested in over 30 companies such as Bikaji Foods, Nykaa, Duroflex Mattresses, Fabindia, Ferns N Petals, Kama Ayurveda and Wow! Momo, among others.

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