In a post on Linkedin, former Founder and CEO of Candere Diamonds shared a heartwarming note on why he sold his company to Kalyan Jewellers and the gritty decisions behind his exit.
Candere was founded by Rupesh Jain in 2013 and raised his first investment from Kalyan Jewellers for INR 50 Cr in 2017 for a 60% stake in his company.
Subsequently, he ceded complete control and exited the venture to one of India’s largest jewellery chains in 2024.
The estimated size of the deal was INR 42 Cr for the remaining 15% stake, even as Cendere’s revenues for FY 23-24 was INR 130 Cr.
Rupesh shared, “I’m often asked how and why I exited Candere, selling my stake to Kalyan Jewellers. Titan acquiring CaratLane in 2023, at a valuation of Rs 17k crore, sent ripples through the industry.
What Mithun had achieved with Titan – It was a massive deal, which also became a moment of reflection for us at Candere. It sparked conversations internally and with Kalyan Jewellers (our strategic investor) about our trajectory, valuation, and long-term future.
Having witnessed our growth and resilience firsthand, Kalyan Jewellers initiated talks about exploring possibilities. The market dynamics were shifting, and it was time to consider the next chapter for Candere and me as its founder.”
Rupesh went on to thank the management at Kalyan Jewellers for believing in their approach and how they are fully ready to integrate Candere brand, technology and its team to their vast empire.
He continues, “The process was meticulous, involving legal and financial advisors and countless late-night meetings over several months. It wasn’t just about the numbers; it also involved ensuring a smooth transition and protecting the interests of our employees and the brand we had painstakingly built.
We prioritised transparency and communication, keeping our employees informed every step of the way and maintaining the morale and momentum we’d built over the years.”
Candere has grown 40 times according to Rupesh, ever since bringing Kalyan Jewellers as an Investor.
“I announced the exit in early 2024 with a mix of pride, nostalgia, and a sense of accomplishment”, adds Rupesh.
Rupesh is currently spending time with his lovable family and thanked his wife Vandana for her unwavering support throughout this rollercoaster journey.
He added that his daughter who is now in 7th grade had witnessed the full evolution of Candere, given that the brand was registered on the day she was born.
His son was born just before Covid and has been growing up with stories of the brand as part of his family lore, he said.
Rupesh thanked his brothers, nieces and nephews and said how his mornings were spent at the gym while evenings were marked for family sharing stories, food and laughter.
But the entrepreneurial spirit, once ignited, is hard to extinguish, he adds.
“And in a few more weeks, I’ll finally unveil what’s been in the works in stealth for some time now”, signs off Rupesh.