Warburg Pincus to invest ₹800-850 crore in Candere
Warburg Pincus, a global private equity giant, is set to invest ₹800-850 crore for a 10% stake in Candere—the trendy jewelry brand owned by Kalyan Jewellers.
The deal mixes buying shares from Kalyan and new investment, with funds aimed at expanding Candere's franchise network across India.
Rapid expansion into offline retail
Candere started as an online-only shop in 2013 and became part of Kalyan Jewellers in 2017.
Now it's gone omnichannel, opening over 70 stores in just the past year and a half—and plans to add up to 90 more soon.
Even though it's still making losses, Candere's revenue jumped 67% year-on-year to ₹66 crore for the quarter ending June 2024.
Kalyan Jewellers's strong performance and previous ties with Warburg Pincus
Kalyan Jewellers itself saw strong growth this quarter, with revenue at ₹7,268 crore and net profit up nearly 50%.
Warburg Pincus had previously invested over ₹1,700 crore in Kalyan between 2014 and 2017 before exiting last year—so this move marks their comeback via Candere's fast-growing segment.