Kushal’s, a prominent fashion and silver jewelry brand, has successfully secured a substantial investment of Rs 284 crore in its Series B funding round, courtesy of the mid-market private equity firm Lighthouse. This investment comes through Lighthouse’s recently established fourth private fund, Lighthouse India IV AIF. Notably, the funding also encompasses a secondary transaction, resulting in a partial exit for Kushal’s first institutional investor, India SME Investments, which initially backed the brand in 2019. The infusion of capital is earmarked to bolster the brand’s presence and expand its retail footprint.
Established in 2006 by the Gulechha family, Kushal’s has steadily grown its retail network to encompass over 75 stores across 25 cities in India, alongside robust online channels. Reflecting on the investment, Manish Gulechha, Co-founder of Kushal’s Retail, articulated, “Kushal’s was founded with a vision to offer women the most exclusive and on-trend fashion jewelry, combined with exceptional quality and best-in-class shopping experience. The funding will facilitate investments in brand building, technology, people, and retail expansion.”
Anshul Jain, Managing Director at Lighthouse, expressed confidence in Kushal’s trajectory, stating, “Kushal’s is at the forefront of organizing the large, fragmented fashion jewelry 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 jewelry that is becoming an integral part of their lifestyle.”
Lighthouse, as a mid-market private equity firm, boasts a portfolio featuring noteworthy investments such as Bikaji Foods, Nykaa, Duroflex Mattresses, Fabindia, Ferns N Petals, Cera Sanitaryware, Dhanuka Agritech, Kama Ayurveda, Poly Medicure, Shaily Engineering, Tynor Orthotics, Unibic Foods, and Wow! Momo, among others. This strategic investment underscores Lighthouse’s commitment to fostering growth opportunities in India’s burgeoning retail landscape.
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