MO Alternate Investment Advisors (MOPE), a subsidiary of Motilal Oswal Financial Services, and an existing investor have committed to invest a total of Rs 90 crore in Kushal’s Retail, a Bengaluru-based jewellery retailer.
MOPE has committed to invest Rs 85 crore from its India Business Excellence Fund–III, while the remaining investments will be made by India SME Investments–Fund I, an existing investor in the firm. This is a follow-on investment by India SME Investments–Fund I, the companies said in a joint statement.
“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 unorganised, and we believe the shift towards organised retail and online will happen at a fast pace,” MOPE Managing Director and Chief Executive Officer Vishal Tulsyan said.
“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,” he added.
Motilal Oswal Investment Banking was the financial advisor to Kushal’s for the transaction.
“The funds raised will be utilised for expanding store presence, strengthening the online channel, brand investments and building a robust organisation,” Kushal’s Retail’s Promoter Manish Gulechha said.