Kalyan Jewellers has converted Rs 350 crore of funding extended to Candere into equity through a rights issue, as the online-led jewellery business continues to expand its retail footprint.
Kalyan Jewellers India has subscribed to 17.5 lakh equity shares of its wholly owned subsidiary Candere Lifestyle Jewellery for Rs 350 crore through a rights issue. The shares were issued at Rs 2,010 each, including a face value of Rs 10 and a premium of Rs 2,000.
The entire proceeds from the issue will be used by Candere to repay loans previously extended by Kalyan Jewellers. The transaction does not alter the ownership structure, with Candere continuing as a 100% subsidiary of Kalyan Jewellers.
The funding restructuring comes as Candere scales its presence beyond its digital-first model. Kalyan Jewellers’ FY26 investor presentation said the company had launched 124 Candere showrooms in India, with the format focused on lightweight lifestyle jewellery.
Candere’s turnover increased from Rs 130.3 crore in FY24 to Rs 163.8 crore in FY25 and Rs 425.36 crore in FY26. Despite the increase in turnover, the business reported a loss after tax of Rs 12.77 crore and negative net worth of Rs 32.51 crore as of March 31, 2026.
The development reflects the increasing role of differentiated retail formats within organised jewellery, with Candere operating alongside Kalyan Jewellers’ flagship network. The company’s FY26 roadmap identifies Candere as a format centred on lightweight lifestyle jewellery, while Kalyan continues to expand its broader retail network.
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