Sky Gold Secures Massive Rs 270 Crore Boost for Expansion

Sky Gold has raised Rs 270 crore from Kotak Mahindra Life Insurance, Motilal Oswal MF, and Bank of India Mutual Fund. The funds will aid in portfolio expansion and acquiring new clients like Caratlane. This move aims at growth and meeting demands with enhanced governance and technology.

Sky Gold, renowned for its exquisite gold jewellery, announced on Tuesday that it has successfully secured Rs 270 crore in capital from major financial entities including Kotak Mahindra Life Insurance, Motilal Oswal MF, and Bank of India Mutual Fund.

The Mumbai-based firm also revealed the acquisition of two significant clients, prominent jewellery brands Caratlane, a Titan subsidiary, and P N Gadgil Jewellers. This capital influx was achieved through an equity sale to domestic financial institutions.

According to a company statement, the raised funds will be directed towards the expansion of its product line, capital investment in subsidiaries, and geographic expansion into the UAE, Middle East, Malaysia, and Singapore, with potential acquisitions on the horizon.

(With inputs from agencies.)