Kalyan Jewellers Raises $196M from Warburg Pincus

kalyanMumbai: Kalyan Jewellers India Pvt. Ltd, a Kerala-based jewellery retailer, has raised Rs 1,200 crore ($195.6 million) from private equity firm Warburg Pincus, which also marks the second biggest bet on an Indian company ever by the PE firm, reports vccircle.com.

In a separate filing with Competition Commission of India (CCI), Warburg Pincus had said it is acquiring 24 per cent stake in Kalyan Jewellers. This would mean the transaction values the private jeweller at Rs 5,000 crore or $820 million. CCI had approved the transaction last week.

“Warburg Pincus’ investment in Kalyan Jewellers is the largest private equity investment into the jewellery industry in India, and is an acknowledgement of the company’s highly-talented team, its pioneering role within the industry, and its commitment to the highest levels of customer service. We are excited to partner with the team at Kalyan Jewellers as they continue to grow the business going forward,” said Vishal Mahadevia, MD and co-head India, Warburg Pincus.

Founded in 1993, Thrissur-headquartered Kalyan Jewellers is one of the largest jewellery manufacturing and distribution companies in the country. Presently, it has a network of 55 exclusive outlets in India and six exclusive outlets in the United Arab Emirates.