Motilal Oswal PE invests nearly $11 mn in jewellery retailer Kushal’s

Established in 2006, Kushal’s is a one-stop fashion jewellery destination

FPJ Web DeskUpdated: Tuesday, May 24, 2022, 04:50 PM IST
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Vishal Tulsyan, Managing Director and CEO of MOPE said, “We believe the fashion jewellery segment in India is poised to be a $6-7 billion industry in the next 4-5 years, largely driven by increasing consumption by the millennial segment". /Representative image | Photo credit: Pixabay

India Business Excellence Fund – III, a fund managed by Motilal Oswal Alternate Investment Advisors Private Limited, has committed Rs 850 million to Kushal’s Retail Private Limited, a Bengaluru based omni-channel fashion jewellery retailer.

The existing investor, India SME Investments – Fund I, have reiterated their confidence with a follow-on investment in Kushal’s, which is at a multifold valuation to the first round of investment in 2019.

Established in 2006, Kushal’s is a one-stop fashion jewellery destination offering a portfolio of 12,000+ designs across different collections such as temple, kundan, antique, contemporary, silver, etc. for multiple occasions including weddings, festivals, every day wear and other celebratory occasions.

The company retails its products under ‘Kushal’s’ brand through a network of 43 exclusive brand outlets located primarily in South India and through its own website. Motilal Oswal Investment Banking acted as financial advisor to Kushal’s for the transaction.

Vishal Tulsyan, Managing Director and CEO of MOPE commented, “We believe the fashion jewellery segment in India is poised to be a $6-7 billion industry in the next 4-5 years, largely driven by increasing consumption by the millennial segment. The industry currently is largely unorganized, and we believe the shift towards organized retail and online will happen at a fast pace.”

Manish Gulechha, Promoter, Kushal’s Retail Pvt. Ltd. said, “The funds raised will be utilized for expanding store presence, strengthening the online channel, brand investments and building a robust organization”

Mitin Jain, Founder of India SME Investments commented, “We welcome MOPE in our journey with Kushal’s which was envisioned in 2019 when the company was a Partnership firm."

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