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  • Saturday, July, 2022| Today's Market | Current Time: 10:31:26
  • Mumbai : 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 Bengaluru based omni-channel fashion jewellery retailer. The existing investor, India SME Investments – Fund I, have reiterated their confidence with a follow-on investment in Kushal’s, which is at a multifold valuation to the first round of investment in 2019.

    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. Company retails its products under ‘Kushal’s’ brand through a network of 43 exclusive brand outlets (“EBOs”) located primarily in South India and through its own website. Motilal Oswal Investment Banking acted as financial advisor to Kushal’s for the transaction.

    Mr. Vishal Tulsyan, Managing Director and CEO of MOPE commented, “We believe the fashion jewellery segment in India is poised to be a USD 6-7 bn 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. 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.”

    Mr. Manish Gulechha, Promoter, Kushal’s Retail Pvt. Ltd. said, “We are very excited to partner with MOPE and believe that this partnership will help us accelerate our growth plans at a faster pace. 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”

    Mr. 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. Growing more than 5 folds in less than 3 years, Kushal’s investment reiterates the significant potential SME segment has to offer to equity investors in India. ”

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