Fashion jewellery brand Kushal’s raises Rs 284 Cr from Lighthouse

Kushal’s, a fashion and silver jewellery brand, has raised Rs 284 crore in a Series B funding round from the mid-market private equity firm Lighthouse.

Lighthouse invested through its newly raised fourth private fund, Lighthouse India IV AIF. The capital infusion also includes a secondary transaction, giving a partial exit to Kushal's first institutional investor, India SME Investments, which invested in the brand in 2019.

Kushal’s will use this new capital to build the brand and scale up its retail presence. Founded in 2006 by the Gulechha family, the company retails its products through its 75-plus stores across 25 cities in India as well as through online channels.

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On the investment, Kushal’s Retail Co-founder Manish Gulechha said, “Kushal’s was founded with a vision to offer women the most exclusive and on-trend fashion jewellery; combined with exceptional quality and best-in-class shopping experience. The funding will facilitate investments in brand building, technology, people and retail expansion.”

On the funding into Kushal’s, Lighthouse Managing Director Anshul Jain said,

“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. 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.”

As a mid-market private equity firm, the other notable investments of Kushal’s include Bikaji Foods, Nykaa, Duroflex Mattresses, Fabindia, Ferns N Petals, Cera Sanitaryware, Dhanuka Agritech, Kama Ayurveda, Poly Medicure, Shaily Engineering, Tynor Othontics, Unibic Foods, and Wow! Momo, among others.

(The copy was updated to correct the headline.)