Kushal’s, a D2C jewellery brand, has secured an impressive $34 million in Series B funding led by Lighthouse’s fourth alternative investment fund (AIF). The brand was established in 2006 by the visionary trio Manish Gulechha, Nandish Gulechha, and Kalpesh Gulechha. It is known for its wide range of fashion jewellery for various occasions.
Since its inception in 2006, Kushal’s Jewellery has risen as a leading name in the fashion jewellery sector. The brand offers pieces that seamlessly blend tradition with modern trends. It has a strong market presence, supported by its first institutional investor, India SME Investments, which initiated a $1.8 million investment in 2019.
The recent funding round of INR 284 Cr (approximately $34 Mn) includes a strategic secondary buy-out, allowing a partial exit for India SME Investments. Other notable participants in this round include Motilal Oswal, which had previously invested INR 90 Cr in the brand’s Series A round in 2022. The funds will be used for brand development, technological advancements, strategic hiring, and retail expansion, as stated by co-founder Manish Gulechha.
Kushal’s future plan includes opening 300-400 new stores across India over the next four to five years, aiming for an IPO in the following five to six years. Currently, the brand has an omnichannel retail presence with over 75 stores in more than 25 cities, including major urban areas like Bengaluru, Hyderabad, and Chennai. Its online presence extends across major e-commerce platforms, including its own website, Myntra, Amazon, and Ajio.
In a competitive market dominated by brands like Giva, Melorra, and Pipa Bella, Kushal’s stands out due to its distinct product offerings and strategic market positioning. The brand’s latest funding underscores its growth potential and investor confidence in its business model and market strategy.
The $34 million Series B funding is not only a financial milestone for Kushal’s Jewellery, but it also signifies a significant step towards achieving its long-term vision of market dominance and public listing. With a solid foundation and a clear path to expansion and an IPO, Kushal’s is set to revolutionize the fashion jewellery sector in India by combining traditional craftsmanship with innovative retail strategies.