Kalyan Jewellers, an Indian jewellery store chain owned by the Kalyan Group, has announced the acquisition of a 4-year-old online jewellery startup Candere.
The acquisition will elevate Kalyan Jewellers’ presence in the country’s growing online jewellery segment. Kalyan Jewellers will acquire the equity held by Singularity Strategic, the family office of Brijesh Chandwani and Subram Kapoor.
The company did not give the value of this acquisition deal however according to sources the deal was valued at Rs 35 to Rs 40 crore.
As part of the transaction Kalyan Jewellers will complete a phase-wise acquisition of the equity held by founder-CEO of the Mumbai-based startup apart from making a significant investment in the company to drive its next phase of business. This is Kalyan Jewellers’ first strategic move as it continues to pursue aggressive growth plans, both organically and inorganically.
Founded in 2013 by Rupesh Jain, Candere sells jewellery online in India, the US and UK. It has a portfolio of over 4,000 designs, including a strong offering in the high growth diamond jewellery segment. This transaction will help Kalyan establish a strong presence in the e-commerce segment to complement its vast physical retail presence.
Commenting on the acquisition, Rajesh Kalyanaraman, Executive Director, Kalyan Jewellers said, “Candere has built a loyal online customer base in India with one of the best repeat rates in the business. Candere’s recent foray into the UK and US markets also helps Kalyan augment its ambition of becoming a global Indian brand.”
Post acquisition, Rupesh Jain will continue in his role as founder CEO.