Direct-to-Consumer (D2C) jewelry brand Kushal’s has secured INR 284 crore (approximately $34 million) in a Series B funding round led by Lighthouse’s fourth alternative investment fund (AIF). The investment includes a secondary buyout, allowing partial exit for its initial institutional investor, India SME Investments, which had invested INR 15 crore ($1.8 million) in 2019. Additionally, Motilal Oswal, a participant in Kushal’s Series A funding round of INR 90 crore in 2022, remains one of the brand’s supporters, according to co-founder Manish Gulechha.
Established in 2006 by Manish Gulechha, Nandish Gulechha, and Kalpesh Gulechha, Kushal’s specializes in crafting fashion jewelry for various occasions. The recently raised funds will be utilized for brand development, technological advancements, recruitment, and expanding its retail presence, as stated by Manish Gulechha.
Kushal’s operates through an omnichannel approach, maintaining a presence in both offline and online markets. The brand retails its products in over 75 stores across 25 cities, including Bengaluru, Hyderabad, Chennai, Pune, Indore, and Chandigarh, among others. Online, its products are available through various e-commerce channels, including its own website, Myntra, Amazon, Ajio, and more.
With plans to open 300-400 stores across India in the next four to five years, Kushal’s envisions going public in five to six years, according to Gulechha. This marks the first investment from Lighthouse’s recently raised private equity fund, adding Kushal’s to its portfolio alongside companies such as Bikaji Foods, Nykaa, Wow! Momo, Fabindia, and Kama Ayurveda.
In a competitive landscape that includes Giva, Melorra, Pipa Bella, Meta Man, and Swasha, Kushal’s is strategically positioning itself for growth and market share. Among its competitors, Giva secured INR 270 crore in funding led by Premji Invest in July of the previous year and reported a 97% surge in operating revenue to INR 165 crore in FY23 compared to INR 84 crore in the preceding fiscal year.
Inc42’s analysis reveals more than 15 funded jewelry startups in India, collectively raising over $288.6 million since 2014.
