{"id":12325,"date":"2025-09-03T08:11:47","date_gmt":"2025-09-03T08:11:47","guid":{"rendered":"https:\/\/jewellerynewsindia.com\/?p=12325"},"modified":"2025-09-03T08:12:02","modified_gmt":"2025-09-03T08:12:02","slug":"warburg-pincus-is-contemplating-re-investing-in-the-brand-of-kalyan-jewellers-known-as-candere","status":"publish","type":"post","link":"https:\/\/jewellerynewsindia.com\/index.php\/2025\/09\/03\/warburg-pincus-is-contemplating-re-investing-in-the-brand-of-kalyan-jewellers-known-as-candere\/","title":{"rendered":"Warburg Pincus is contemplating re-investing in the brand of Kalyan Jewellers, known as Candere."},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-full is-resized has-custom-border\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/jewellerynewsindia.com\/wp-content\/uploads\/2025\/09\/IMG-1-1.jpeg\" alt=\"\" class=\"wp-image-12327\" style=\"border-width:3px;border-radius:5px;width:627px;height:auto\" srcset=\"https:\/\/jewellerynewsindia.com\/wp-content\/uploads\/2025\/09\/IMG-1-1.jpeg 1000w, https:\/\/jewellerynewsindia.com\/wp-content\/uploads\/2025\/09\/IMG-1-1-300x180.jpeg 300w, https:\/\/jewellerynewsindia.com\/wp-content\/uploads\/2025\/09\/IMG-1-1-768x461.jpeg 768w, https:\/\/jewellerynewsindia.com\/wp-content\/uploads\/2025\/09\/IMG-1-1-600x360.jpeg 600w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<p>Global private equity firm <strong><a href=\"https:\/\/warburgpincus.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Warburg Pincus<\/a><\/strong> is considering a new investment in India&#8217;s jewelry sector, with talks underway to buy a <strong>10% stake<\/strong> in <strong><a href=\"https:\/\/www.candere.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Candere<\/a><\/strong>, the online brand of <a href=\"https:\/\/www.kalyanjewellers.net\/\" target=\"_blank\" rel=\"noreferrer noopener\">Kalyan Jewellers<\/a>. The deal is worth an estimated <strong>Rs 800-850 crore<\/strong> and would be a noteworthy return for <a href=\"https:\/\/warburgpincus.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Warburg Pincus<\/a>, which sold its previous stake in the <a href=\"https:\/\/www.kalyanjewellers.net\/\" target=\"_blank\" rel=\"noreferrer noopener\">Kalyan Jewellers<\/a> group last year after holding it for ten years.<\/p>\n\n\n\n<p>The investment is structured to provide both new funding and an ownership change. <a href=\"https:\/\/warburgpincus.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Warburg Pincus<\/a> will buy some shares directly from <a href=\"https:\/\/www.kalyanjewellers.net\/\" target=\"_blank\" rel=\"noreferrer noopener\">Kalyan Jewellers<\/a>, while <a href=\"https:\/\/www.candere.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Candere<\/a> will issue new shares for the rest of the stake. The money raised from the new shares will support Candere&#8217;s growth, including its plan to open <strong>80-90 new stores<\/strong> nationwide. The company will use a <strong>franchise model<\/strong> to achieve this expansion, which is a smart move that allows <a href=\"https:\/\/www.kalyanjewellers.net\/\" target=\"_blank\" rel=\"noreferrer noopener\">Kalyan Jewellers<\/a> to grow without spending a lot of money and lets them use extra cash to pay down debt.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Candere&#8217;s Growth and Acquisition<\/h4>\n\n\n\n<p><strong><a href=\"https:\/\/www.candere.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Candere<\/a><\/strong>, which began as an online jewelry store in 2013, has been transformed since <strong><a href=\"https:\/\/www.kalyanjewellers.net\/\" target=\"_blank\" rel=\"noreferrer noopener\">Kalyan Jewellers<\/a><\/strong> first acquired an <strong>85% stake<\/strong> for <strong>Rs 35-40 crore<\/strong> in <strong>2017<\/strong>. <a href=\"https:\/\/www.kalyanjewellers.net\/\" target=\"_blank\" rel=\"noreferrer noopener\">Kalyan Jewellers<\/a> completed the acquisition in <strong>2024<\/strong> by purchasing the remaining <strong>15%<\/strong> from founder <strong>Rupesh Jain<\/strong>, solidifying <a href=\"https:\/\/www.candere.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Candere<\/a>&#8216;s new identity as an omnichannel retailer.<\/p>\n\n\n\n<p>According to <strong><a href=\"https:\/\/www.kalyanjewellers.net\/about-us.php#kalyan_legacy\" target=\"_blank\" rel=\"noreferrer noopener\">Ramesh Kalyanaraman<\/a><\/strong>, an executive director at <a href=\"https:\/\/www.kalyanjewellers.net\/\" target=\"_blank\" rel=\"noreferrer noopener\">Kalyan Jewellers<\/a>, the company has been focused on expanding its distribution network over the past 12 to 18 months, beyond its traditional brand. He stated that <a href=\"https:\/\/www.candere.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Candere<\/a> was selected as a &#8220;second format&#8221; specializing in lightweight, lifestyle jewelry, and that over <strong>70 new <a href=\"https:\/\/www.candere.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Candere<\/a> showrooms<\/strong> have been opened in the last 18 months.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Financials and Market Trends<\/h4>\n\n\n\n<p>Despite its rapid expansion, Candere&#8217;s finances show the costs associated with scaling up. While its revenue for the quarter ending June 30 jumped by a significant <strong>67% to Rs 66 crore<\/strong>, its net loss also grew to <strong>Rs 10 crore<\/strong> from <strong>Rs 2 crore<\/strong> a year earlier. <a href=\"https:\/\/www.kalyanjewellers.net\/\" target=\"_blank\" rel=\"noreferrer noopener\">Kalyan Jewellers<\/a>&#8216; management, however, is optimistic, forecasting that Candere will become profitable by the end of the current fiscal year on <strong>March 31, 2026<\/strong>.<\/p>\n\n\n\n<p>The article also notes that the broader jewelry market, particularly the direct-to-consumer and lifestyle segments, is attracting significant investor interest. Recent deals include a <strong>Rs 530-crore investment in Giva<\/strong>, a <strong>$15 million raise for Aukera<\/strong>, and <strong>BlueStone&#8217;s Rs 1,540-crore IPO<\/strong>. This trend reflects a growing investor belief in the sector&#8217;s potential, fueled by evolving consumer tastes and a shift toward organized and branded retail.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.kalyanjewellers.net\/\" target=\"_blank\" rel=\"noreferrer noopener\">Kalyan Jewellers<\/a>, Candere&#8217;s parent company, has also performed well, with its consolidated revenue for the same quarter rising <strong>31% to Rs 7,268 crore<\/strong>, and its net profit increasing by <strong>48% to Rs 264 crore<\/strong>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Warburg Pincus and Kalyan Jewellers: A History of Partnership<\/h4>\n\n\n\n<p>A new investment in Candere would signal a renewed partnership between <strong><a href=\"https:\/\/warburgpincus.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Warburg Pincus<\/a><\/strong> and the <strong><a href=\"https:\/\/www.kalyanjewellers.net\/\" target=\"_blank\" rel=\"noreferrer noopener\">Kalyan Jewellers<\/a><\/strong> group. The private equity firm&#8217;s initial investment in <a href=\"https:\/\/www.kalyanjewellers.net\/\" target=\"_blank\" rel=\"noreferrer noopener\">Kalyan Jewellers<\/a> was in <strong>2014<\/strong>, with a <strong>Rs 1,200 crore<\/strong> infusion, followed by an additional <strong>Rs 500 crore<\/strong> in <strong>2017<\/strong>. Before the company&#8217;s <strong>IPO in 2021<\/strong>, <a href=\"https:\/\/warburgpincus.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Warburg Pincus<\/a> held roughly a <strong>30% stake<\/strong>, which it completely sold off in <strong>August 2024<\/strong>. This potential new investment in Candere shows that <a href=\"https:\/\/warburgpincus.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Warburg Pincus<\/a> still believes in <a href=\"https:\/\/www.kalyanjewellers.net\/\" target=\"_blank\" rel=\"noreferrer noopener\">Kalyan Jewellers<\/a>&#8216; long-term growth and its strategy to expand into new markets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global private equity firm Warburg Pincus is considering a new investment in India&#8217;s jewelry sector, with talks underway to buy a 10% stake in Candere, the online brand of Kalyan Jewellers. The deal is worth an estimated Rs 800-850 crore and would be a noteworthy return for Warburg Pincus, which sold its previous stake in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12326,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Warburg Pincus is contemplating re-investing in the brand of Kalyan Jewellers, known as Candere. - JNI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jewellerynewsindia.com\/index.php\/2025\/09\/03\/warburg-pincus-is-contemplating-re-investing-in-the-brand-of-kalyan-jewellers-known-as-candere\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Warburg Pincus is contemplating re-investing in the brand of Kalyan Jewellers, known as Candere. - JNI\" \/>\n<meta property=\"og:description\" content=\"Global private equity firm Warburg Pincus is considering a new investment in India&#8217;s jewelry sector, with talks underway to buy a 10% stake in Candere, the online brand of Kalyan Jewellers. 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