Jewellery Brand Kushal Secures $34 Million from Lighthouse’s Fourth PE Fund

Jewellery Brand Kushal Secures $34 Million from Lighthouse's Fourth PE Fund

Nandish, and Kalpesh Gulechha founded the D2C brand in 2006, producing fashionable Jewellery for a variety of events.
A secondary buy-out is also a part of this deal, offering India SME Investments, the company’s first institutional investor, a partial exit after it invested INR 15 Cr ($1.8 Mn+) in 2019.
In the next four to five years, the company hopes to open 300–400 stores throughout India. In the next five to six years, it plans to go public through an IPO.
In a Series B funding round led by growth stage venture capital firm Lighthouse’s fourth alternative investment fund (AIF), D2C jewelry business Kushal’s has raised INR 284 Cr, or roughly $34 Mn.

In addition, India SME Investments, the company’s first institutional investor, which contributed INR 15 Cr ($1.8 Mn+) in 2019, would receive a partial exit through this round’s secondary buyout. Furthermore, cofounder Manish Gulechha told the sources that Motilal Oswal, which took part in the brand’s INR 90 Cr Series A fundraising round in 2022, is one of its backers.
The D2C brand was established in 2006 by Manish, Nandish, and Kalpesh Gulechha. It produces fashionable jewelry for a variety of events.
“The funding will facilitate investments in brand building, technology, hiring, and retail expansion,” stated Manish Gulechha.

Kushal’s is present across all platforms. It distributes its goods through more than 75 stores in over 25 cities, including Bengaluru, Hyderabad, Chennai, Pune, Indore, and Chandigarh, in the offline market. Additionally, its products can be purchased online through a variety of e-commerce platforms, including as its own website, Myntra, Amazon, Ajio, and others.
According to Gulechha, the company intends to go public in five to six years and hopes to open 300–400 outlets throughout India in the ensuing four to five years.
Lighthouse’s first investment from its recently established private equity fund is this one. Among its portfolio firms are Bikaji Foods, Nykaa, Wow! Momo, Fabindia, and Kama Ayurveda.

Brands like Giva, Melorra, Pipa Bella, Meta Man, Swasha, and others are competitors of the brand.
Among its rivals, Giva raised INR 270 Cr in July of last year, spearheaded by Premji Invest, and announced a 97% increase in operational revenue to INR 165 Cr in FY23 from INR 84 Cr in FY21.
India now boasts over 15 funded jewelry businesses, which combined have garnered over $288.6 million since 2014, according to Inc42’s data.