Kalyan Jewellers has announced the acquisition of online jewellery firm Candere ( www.candere.com ).
The acquisition will augment 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.
As part of the transaction Kalyan Jewellers will complete a phase-wise acquisition of the equity held by founder-promoter Rupesh Jain, 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.
Established in 2013, Candere (
Kalyan Jewellers will leverage its vast network of 105 showrooms and distributed supply chain across India and West Asia to enhance Candere's fulfillment layer and work towards creating a robust online-offline hybrid customer experience. Kalyan had recently raised growth capital of Rs 500 crore from global private equity major Warburg Pincus, taking the latter’s total investment to Rs 1,700 crore in the company.
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.”