Bangalore-based Online jewelry retailer BlueStone has raised $30M in its Series D round of investment led by IIFL and Accel Partners. Bluestone was founded by IIT graduate Gaurav Singh Kushwaha and Vidya Nataraj in 2011. Bluestone sells jewelry products like rings, earrings, pendants, bangles and necklaces among others, made from silver, gold, diamond and gemstones etc. Other than this user can order ‘collections’ or sets of jewelry, gifts and gold coins on the platform.The Existing investors for BlueStone are Kalaari Capital and IvyCap Ventures along with Singapore-based RB Investment.
Gaurav Singh Kushwaha, founder, and CEO said in a statement :“We are now targeting a four-fold increase in revenues to touch INR 1,000 crores [US$149 million] by 2018 and we want to achieve this goal in a profitable and sustainable manner,” He also said :“We will augment our design capabilities over the year and invest significantly in trust-building among the consumer as the online jewelry space is just picking up in India.”
Indian Business Tycoon Ratan Tata invests in Bluestone in 2014 in a personal capacity and also holds 62% stake in rival CaratLane in order to grow its online presence.According to the World Gold Council, Indians bought 662 tons of gold jewelry, valued at $26.9 billion, last year. The online retail market for jewelry is expected to rise from $3.5 billion to $6 billion this year according to Gartner.
BLUESTONE TOTAL FUNDING : $60.8M IN 4 ROUNDS : [ Via Venture Pulse Data ]
|Date||Funding Amount||Funding Round||Lead VC/Investor|
|Jul, 2016||$30M||Series D||Accel / IIFL|
|Jul, 2015||$15.8M||Series C||Accel / Dragoneer Investment Group / IvyCap Ventures|
|Mar, 2014||$10M||Series B|
|Jan, 2012||$5M||Series A|