Homegrown private equity fund Motilal Oswal Private Equity (MOPE) has struck yet another consumer facing bet by committing Rs 85 crore ($11 million) in Bengaluru-based omni-channel fashion jewellery retailer Kushal’s Retail Pvt Ltd. The company’s existing investor India SME Investments has also infused additional money in this round.
India SME Investments had first invested in 2019 and the current transaction is said to have valued multiple times as compared to the last round, reported VCCircle.
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.
Kushal’s Retail, owned by the Gulecha family, operates 43 exclusive brand outlets in shopping malls and high streets across southern India. It sells non-precious ethnic jewellery and fashion accessories under the Kushal’s brand and has an asset-light model.
“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,” said Vishal Tulsyan, MD and CEO at MOPE.
“MOPE’s experience of backing category leaders in the consumer segment will add tremendous value to Kushal’s. The funds raised will be utilized for expanding store presence, strengthening the online channel, brand investments and building a robust organization,” said Manish Gulechha, promoter at Kushal’s Retail Pvt. Ltd.
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.”