Global private equity giant Warburg Pincus is preparing a return to the Kalyan Jewellers fold, this time through a stake in its lifestyle jewellery brand Candere. According to people tracking the talks, Warburg is negotiating to buy about 10 percent in Candere for around Rs 800–850 crore. The deal will be structured as a mix of secondary shares purchased from Kalyan Jewellers and fresh equity issued by Candere, with the new capital earmarked for expansion.
Candere, founded in 2013 as an online-first retailer, has been sharply scaling its offline presence under Kalyan’s ownership. The brand, which Kalyan bought into in 2017 for just Rs 35–40 crore, is now valued in thousands of crores. Over the last 18 months, Candere has added more than 70 showrooms and is preparing to open 80–90 more through a franchise-led model. This pivot has helped position it as a mass-market, lifestyle-focused format distinct from Kalyan’s flagship stores.
For Warburg, the deal represents a familiar bet. The New York fund invested Rs 1,200 crore in Kalyan Jewellers back in 2014, followed by Rs 500 crore in 2017, before exiting fully in 2024 after the jeweller’s public listing. A re-entry via Candere suggests confidence in India’s organised jewellery retail, particularly lightweight and branded offerings aimed at younger consumers.
Financials highlight Candere’s fast but uneven growth. In the quarter ended June 30, the brand reported revenue of Rs 66 crore, up 67 percent year-on-year, while net losses widened to Rs 10 crore. Management has indicated that profitability is targeted by March 2026. Parent Kalyan Jewellers, meanwhile, reported consolidated revenue of Rs 7,268 crore in the same quarter, up 31 percent, with net profit rising 48 percent to Rs 264 crore.
The deal, once sealed, would deepen the wave of investor interest in India’s jewellery sector, which has recently seen large fundraises by Giva, Aukera and BlueStone.
