Get All Access for $5/mo

Kalyan Jewellers Acquires Remaining 15% Stake in Candere for INR 42 Cr Following this equity acquisition for INR 42 crore, Candere will become a wholly-owned subsidiary of Kalyan Jewellers as the business moves from e-commerce to omni-channel commerce.

By Entrepreneur Staff

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

T S Kalyanaraman, Managing Director of Kalyan Jewellers

Kalyan Jewellers India announced that it has finalised an agreement with Rupesh Jain, creator of Candere, to purchase his remaining 15% stake in the company.

Following this equity acquisition for INR 42 crore, Candere will become a wholly-owned subsidiary of Kalyan Jewellers as the business moves from e-commerce to omni-channel commerce.

In order to penetrate the online jewellery business, Kalyan Jewellers first purchased a majority stake in Candere in 2017.

T S Kalyanaraman, Managing Director of Kalyan Jewellers, said, "Kalyan Jewellers has demonstrated its ability to grow a hyper-local consumer brand with size and scale while remaining agile to customers' changing needs. Candere is thrilled to explore an emerging market niche in the jewellery business, with an emphasis on lightweight, fashion-forward, and universally appealing designs."

Launched in 2012 by Rupesh Jain and Ashish Bajaj, Candere (Enovate Lifestyles Pvt Ltd) is a Mumbai-based online portal for gold, diamond, gemstone, platinum jewelry, and gold coins.

Since being acquired by Kalyan Jewellers in 2017, the brand claims to have grown in terms of offers, consumer preference, and presence in leading marketplaces.

Over the past sixteen months, Candere has strategically shifted to omni-channel commerce in response to growing customer needs.

In the previous fiscal year, Candere opened 11 physical showrooms across the nation; in the current fiscal year, the company intends to triple its offline presence.

Entrepreneur Staff

Entrepreneur Staff

Editor

For more than 30 years, Entrepreneur has set the course for success for millions of entrepreneurs and small business owners. We'll teach you the secrets of the winners and give you exactly what you need to lay the groundwork for success.
News and Trends

Dee Piping Goes Public: Announces Initial Public Offering

Dee Development Engineers Limited, commonly known as 'Dee Piping,' has announced its transition into a public limited company.

Business Solutions

Increase Productivity with This Microsoft 365 Subscription, Now $25 Off

It can make the entrepreneur life a lot easier.

News and Trends

Unifi Capital Launches Two New Funds at GIFT City

Rangoli India Fund and G20 Portfolio are the two new funds launched by Unifi Capital, via its subsidiary UIML in GIFT City, to expand international investment opportunities.

Business News

Apple Pay Later Is Ending. Here's What's Taking Its Place.

The program was available for less than a year.

Culture

I've Grown a High-Performing Team in Just 2 Years — Here's are 5 Growth Strategies I Learned

A team's strength lies in its people's individual skills and how they synergistically come together.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.