Kalyan Jewellers India Private Limited announced that it has received $194.47 million in funding from Warburg Pincus LLC
October 16, 2014
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Kalyan Jewellers India Private Limited announced that it will receive $200,000,000 in funding from new investor Warburg Pincus LLC on August 26, 2014. The investor will take minority stake in the transaction. The transaction which is likely to be concluded this month values the company in between $1,200,000,000 to $1,400,000,000. The company reported revenue of INR 94,000,000,000 ($1,550,000,000) for the year ended. The conversion was made through www.oanda.com on August 26, 2014.
On October 13, 2014, the company announced that the transaction has been approved by the Competition Commission of India.
On October 17, 2014, Kalyan Jewellers India Private Limited closed the transaction. The company received INR 12,000,000,000 ($194,473,000) in funding from the investor. The investor acquired 24% stake through this transaction. The investor has purchased compulsorily convertible preference shares in the transaction. The investor also purchased of equity shares from company's promoters. The round is raised at a post-money valuation of INR 50,000,000,000 ($810,304,000). The conversion was made through www.oanda.com on October 17, 2014. Axis Capital acted as financial advisor to the company. Shuva Mandal, Partners of AZB & Partners acted as legal advisor to the company. Amarchand & Mangaldas & Suresh A Shroff & Co. acted as legal advisor to Warburg Pincus LLC. Cyril Shroff, Managing Partner, Vandana Shroff, Partner, and and Vandana Sekhri of Amarchand & Mangaldas & Suresh A Shroff & Co. led the transaction. The team also included Delhi partner Ranjan Negi on intellectual property issues; Chennai partner Dorothy Thomas on the real estate; and Mumbai partner Nisha Kaur Uberoi on competition law. KPMG acted as financial and tax advisor to Warburg Pincus LLC. Richard Catling, senior associate and Gary Watts, Partner at Al Tamimi & Company acted as legal advisor to Warburg Pincus LLC.
Kalyan Jewellers India Limited is an India-based jewelry retailer, which is engaged in offering gold, diamond, pearl, white gold, gemstone, platinum and silver jewelry products. The Companyâs brand includes Mudhra, Anokhi, Rang, Vedha, Tejasvi, Apoorva, Ziah, Laya and Glo. Its products include chains, rings, necklaces, earrings, bracelets, bangles, gold, white gold and platinum. The services provided by My Kalyan includes jewelry purchase advance schemes, gold insurance, wedding purchase planning, advance booking of purchases to protect against price increases, sale of gift vouchers and gold buying tips and education. It has approximately 150 retail stores spread across India and Middle East. The Companyâs subsidiaries include Kalyan Jewellers FZE, Kalyan Jewellers LLC, Kalyan Jewellers For Golden Jewelry Company, W.L.L., Kenouz Al Sharq Gold Ind.LLC, Kalyan Jewelers, Inc., Kalyan Jewellers Bahrain W.L.L and Enovate Lifestyles Private Limited.