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Kushal’s, the D2C Jewellery Brand, Secures $34 Million in Series B Funding

Kushal’s, a D2C jewellery brand, raises $34 million in Series B funding, facilitating brand building, technology, and retail expansion, with plans to go public in the future.

Kushal’s, a direct-to-consumer (D2C) jewellery brand, has successfully raised INR 284 crore (approximately $34 million) in a Series B funding round from Lighthouse’s fourth alternative investment fund (AIF).

This funding round also includes a secondary buyout, providing a partial exit to the brand’s first institutional investor, India SME Investments, which had initially invested INR 15 crore ($1.8 million) in 2019. Kushal’s also counts Motilal Oswal as one of its backers, having participated in its Series A funding round of INR 90 crore in 2022, according to cofounder Manish Guleccha.

Founded in 2006 by Manish Guleccha, Nandish Guleccha, and Kalpesh Guleccha, Kushal’s specializes in manufacturing fashion jewellery for various occasions.

Manish Gulechha stated, “The funding will enable investments in brand building, technology, hiring, and retail expansion.”

Kushal’s operates through an omnichannel model. In the offline market, it sells its products through 75+ stores across more than 25 cities, including Bengaluru, Hyderabad, Chennai, Pune, Indore, and Chandigarh, among others. Online, its products are available on various ecommerce platforms, including its own website, Myntra, Amazon, and Ajio.

The brand plans to open approximately 300-400 stores across India in the next four to five years and aims to go public in five to six years, Guleccha added.

This investment marks the first deployment of funds from Lighthouse's newly raised private equity fund, which boasts a portfolio including Bikaji Foods, Nykaa, Wow! Momo, Fabindia, and Kama Ayurveda.

Kushal’s faces competition from other players such as Giva, Melorra, Pipa Bella, Meta Man, and Swasha.

One of its competitors, Giva, secured INR 270 crore in funding led by Premji Invest in July last year and reported a 97% increase in operating revenue to INR 165 crore in FY23 from INR 84 crore in the previous fiscal year.