Bangalore, 29th February 2024: Lighthouse India Fund IV AIF has invested INR 284 crores in Kushal’s, India’s leading fashion and silver jewellery brand. 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.
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 retails its products through its 75+ stores across 25+ cities in India and online channels. Kushal’s relentless focus on design, quality and customer experience has enabled it to differentiate in a segment dominated by unorganised players and enjoy high brand salience. 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.
Commenting on the Lighthouse investment into the Company, Manish Gulechha, Co-Founder of Kushal’s Retail, shared, “Kushal’s was founded with a vision to offer women the most exclusive and on-trend fashion jewellery; combined with exceptional quality and best-in-class shopping experience. 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. With their guidance and support, we hope to accelerate our growth, delighting consumers across the country.”
Anshul Jain, Managing Director at Lighthouse, added, “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. The Company 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.”
Mitin Jain, Managing Director at India SME Investments, added, “Kushal’s high-quality management team has set the gold standard for a large pool of small and medium enterprises in India while also creating huge value for its investors”.
India’s fashion and silver jewellery market is valued at Rs. 30,000 crores with an annual growth rate of 20% with organized retail at 5 to 6% market share. As one of the pioneers in this sector, Kushal’s is reshaping fashion jewellery retailing in India. With over 2 million satisfied consumers already served, the brand’s stores and services provide a premium, contemporary experience designed for the modern Indian woman.