Jewellery Brand Kushal’s Bags $34 Mn From Lighthouse’s Fourth PE Fund

D2C jewellery brand Kushal’s has raised 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). 

This round also includes a secondary buyout providing part exit to its first institutional investor India SME Investments, which invested INR 15 Cr ($1.8 Mn+) in 2019. In addition, the brand also counts Motilal Oswal as one of its backers which participated in its Series A funding round of INR 90 Cr in 2022, cofounder Manish Gulechha told Inc42. 

Founded in 2006 by Manish Gulechha, Nandish Gulechha and Kalpesh Gulechha, the D2C brand manufactures fashion jewellery for several occasions. 

Manish Gulechha said, “The funding will facilitate investments in brand building, technology, hiring and retail expansion.”

Kushal’s has an omnichannel presence. In the offline market, it retails its products through 75+ stores across more than 25 cities, including Bengaluru, Hyderabad, Chennai, Pune, Indore and Chandigarh among others. And, in the online market, its products are available across ecommerce channels including its own website, Myntra, Amazon, Ajio, etc. 

The brand aims to open about 300-400 stores across India in the next four to five years, and plans to go public in five to six years, Gulechha said. 

This is the first investment of Lighthouse from its newly raised private equity fund. It counts Bikaji Foods, Nykaa, Wow! Momo, Fabindia and Kama Ayurveda as among its portfolio companies. 

The brand competes against the likes of Giva, Melorra, Pipa Bella, Meta Man, Swasha, etc. 

Of its competitors, Giva raised INR 270 Cr led by Premji Invest, last year in July, and reported a 97% surge in operating revenue to INR 165 Cr in FY23 from INR 84 Cr in the previous fiscal year.

According to Inc42’s analysis, India currently has more than 15 funded jewellery startups, which have together raised more than $288.6 Mn since 2014.

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