Silver jewellery retailer Kushal’s has raised Rs 284 crore ($34.26 million) in a fresh funding round led by mid-market private equity firm Lighthouse. The round also paved an exit for the company’s first institutional investor India SME Investments.
Kushal’s sells fashion jewellery for weddings, festivals, occasions, and everyday wear. It has a retail footprint of over 75 stores in 25 cities and also sells online. The firm plans to use the funding proceeds towards brand-building, and technology, and to expand its retail presence.
“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,” Lighthouse managing director Anshul Jain said.
“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,” Jain added.
The investment in Kushal’s marks the first deal for Lighthouse from its newly-raised, fourth private equity fund.
Lighthouse, which is focused on growth investments in the consumer and healthcare space, has backed over 30 Indian companies including Bikaji Foods, Nykaa, Duroflex Mattresses, Fabindia, and Ferns N Petals, among others.
India stands out as the top revenue generator in the jewellery market, with a projected revenue of $81.26 billion in 2024, according to Statista.
Earlier this year, fashion jewellery brand Salty raised Rs 5 crore in a funding round led by All in Capital and Anicut Capital. Previously, jewellery startup GIVA raised Rs 270 crore in a Series B round led by Premji Invest, while Ratan Tata-backed Bluestone reportedly plans to raise Rs. 2,000 crore through an IPO.