D2C jewellery brand Kushal’s has secured INR 284 Cr (around $34 Mn) in a Series B funding round from growth stage venture capital firm Lighthouse’s fourth alternative investment fund (AIF).
Additionally, this funding round involves a secondary buyout, providing partial exit for its first institutional investor, India SME Investments, which injected INR 15 Cr ($1.8 Mn+) in 2019. Moreover, the brand also includes Motilal Oswal among its backers, who participated in its Series A funding round of INR 90 Cr in 2022, as confirmed by cofounder Manish Guleccha.
Established in 2006 by Manish Guleccha, Nandish Guleccha, and Kalpesh Guleccha, the direct-to-consumer (D2C) brand specializes in crafting fashion jewellery suitable for various occasions.
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Manish Gulechha said, “The funding will facilitate investments in brand building, technology, hiring and retail expansion.”
Kushal’s maintains an omnichannel presence. In brick-and-mortar retail, it distributes its products through 75+ stores spanning over 25 cities such as Bengaluru, Hyderabad, Chennai, Pune, Indore, and Chandigarh, among others. Additionally, its products are accessible across various ecommerce platforms, including its own website, Myntra, Amazon, Ajio, and more.
According to Guleccha, the brand intends to launch approximately 300-400 stores throughout India within the next four to five years. Additionally, it has plans to become publicly listed in five to six years.
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This investment represents Lighthouse’s first from its newly raised private equity fund. Among its portfolio companies are Bikaji Foods, Nykaa, Wow! Momo, Fabindia, and Kama Ayurveda.
The brand competes with Giva, Melorra, Pipa Bella, Meta Man, Swasha, and others.
Among its competitors, Giva secured INR 270 Cr in funding led by Premji Invest in July last year. The company also recorded a significant 97% increase in operating revenue, rising from INR 84 Cr in the previous fiscal year to INR 165 Cr in FY23.
Analysis indicates that India presently hosts over 15 funded jewellery startups, collectively securing over $288.6 Mn in funding since 2014.
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