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Funds managed and/or advised by Motilal Oswal Private Equity are conducting an investment round of INR 900 million in Kushal’s Retail Pvt. ltd.

Posted May 24, 2022

Bombay : India Business Excellence Fund – III, a fund managed and/or advised by MO Alternate Investment Advisors Private Limited (“MOPE”), has committed INR 850 million to Kushal’s Retail Private Limited (“Kushal’s”/“Company”), a subsidiary from Bengaluru based omnichannel fashion jewelry retailer. Existing investor India SME Investments – Fund I reiterated its confidence with a follow-on investment in Kushal’s, which is at a multiple valuation from the first round of investment in 2019.

Founded in 2006, Kushal’s is a one-stop fashion jewelry destination offering a portfolio of over 12,000 designs in different collections such as temple, kundan, antique, contemporary, silver, etc. for multiple occasions including weddings, festivals, everyday wear and more. festive occasions. The Company markets its products under the “Kushal’s” brand through a network of 43 exclusive outlets (“EBOs”) located primarily in South India and through its own website. Motilal Oswal Investment Banking acted as financial advisor to Kushal’s on the transaction.

Mr. Vishal Tulsyan, Managing Director and CEO of MOPE commented, “We believe that the costume jewelry segment in India is poised to become a $6-7 billion industry in the next 4-5 years, largely driven by the increase in consumption of the fashion segment. millennials. The industry is currently largely unorganized, and we believe the transition to organized, online retail will happen at a rapid pace. Kushal’s, with its intricate designs, emphasis on product quality and premium in-store shopping experience, has created a leading brand in this space, and like Tanishq in the real jewelry segment, will be the most big player in the costume jewelry space. ”

Mr. Manish Gulechha, Promoter, Kushal’s Retail Pvt. Ltd said, “We are very pleased to partner with MOPE and believe this partnership will help us accelerate our growth plans at a faster pace. MOPE’s experience supporting category leaders in the consumer segment will add tremendous value to Kushal’s. Funds raised will be used to expand store presence, strengthen the online channel, brand investments and build a strong organization.

Mr. Mitin Jain, Founder of India SME Investments, said, “We welcome MOPE to our journey with Kushal’s which was envisioned in 2019 when the company was a partnership company. Multiplying by more than 5 in less than 3 years, Kushal’s investment reiterates the significant potential that the SME segment has to offer to equity investors in India. ”