Founded in 2006 by the Gulechha family, Kushal’s designs and retails fashion and silver jewellery for weddings, festivals, occasions and everyday wear. The company sells through 75+ stores across 25+ cities in India and via online channels. Kushal’s positions itself as a premium, on-trend fashion jewellery brand targeting aspirational consumers. The recent funding will be used to invest in brand building, technology, people and retail expansion. The round also facilitated a secondary buyout that provided a partial exit to an earlier institutional investor. The company is preparing for accelerated growth with Lighthouse as a strategic partner. Kushal’s Retail is a Bengaluru-based omni-channel fashion jewellery retailer that sells non-precious ethnic jewellery and fashion accessories under the Kushal’s brand. The Gulecha-family-owned company operates 43 exclusive brand outlets in shopping malls and high streets across southern India and runs an asset-light model. It competes in the direct-to-consumer jewellery space with players such as GIVA and Melorra. The company says the funds will be used to expand store presence, strengthen the online channel, invest in the brand and build a robust organization. India SME Investments was an earlier backer, having first invested in 2019, and the current transaction is said to have valued the company multiple times compared to that round. Motilal Oswal Private Equity committed Rs85 crore (~$11 million) in this round, while India SME Investments also infused additional, unspecified capital.

Total raised

$45M

Funding rounds

2

Latest round

Series B

Latest activity

Feb 2024