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Motilal Oswal Private Equity and Others Announce Rs 85 crore Investment in a Jewellery Retailer


Motilal Oswal Private Equity (MOPE) has announced that it has led an investment of Rs 90 crore into Bengaluru-based omnichannel fashion jewellery retailer Kushal’s Retail Pvt Ltd. The India Business Excellence Fund III, which is managed or advised by Motilal Oswal Private Equity, has committed Rs 85 crore to the Bengaluru-based omni-channel retailer, while the remaining sum came from existing investor India SME Investments Fund I, as per an official statement. Motilal Oswal Investment Banking has acted as a financial advisor to Kushal’s for the transaction.

Established in 2006, Kushal’s Retail, owned by the Gulecha family, has over 43 brand outlets located primarily in Southern Indian states. The company also sells through its website and claims to have a portfolio of 12,000 plus designs across different collections. Kushal’s retail is positioned against competitors like GIVA and Melorra in the direct-to-consumer jewellery space

Commenting on the investment, Vishal Tulsyan, the managing director and CEO of Motilal Oswal Private Equity, said that the company expects the fashion jewellery segment in India to be a $6-7 billion industry in the next 4-5 years, primarily driven by increasing consumption by the millennial segment. While it’s largely unorganised, MOPE expects the segment to soon shift towards organized and online retail.

“Kushal’s, with its intricate designs, strong focus on product quality and a premium in-store shopping experience, has created a leading brand in this space, and like Tanishq in the real jewellery segment, will be the largest player in the fashion jewellery space,” Tulsyan said.

Manish Gulechha, promoter of Kushal’s Retail Pvt. Ltd. said that the partnership with MOPE would allow the company to accelerate its growth plans. He added that the experience and backing of MOPE in the consumer segment will add great value to the company.

The fresh funds will be utilised by Kushal’s in expanding its store presence, strengthening the online channel, brand investments and building an efficient organisation.

Kushal’s Retail’s existing investor India SME Investments has also infused additional cash in the latest round of funding. India SME Investments had first invested in 2019 and the current investment is reported to have happened at a much greater valuation. The details of the transaction, however, aren’t available yet. India SME Investments’ founder Mitin Jain said that MOPE’s investment reiterates the potential SME segment has to offer to equity investors in India.

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