Bengaluru-Based Jewellery Brand, Bluestone, Attracts Investments from Industry Leaders
Bluestone, the prominent online jewellery brand based in Bengaluru, is on the verge of closing a funding round amounting to $65 million (approximately Rs 550 crore). This financial boost is set to value the company at around Rs 3,600 crore (equivalent to $440 million).
Among the notable investors in this funding round is Nikhil Kamath, the co-founder of Zerodha, who is reportedly injecting Rs 100 crore (approximately $12 million) into Bluestone. Additionally, the funding will see the participation of Deepinder Goyal, the founder and CEO of Zomato, Amit Jain, founder and CEO of CarDekho, and the prominent financial services firm IIFL.
Bluestone, which was established in 2011, has garnered support from several marquee investors over the years, including Ratan Tata, Accel, Kalaari, Iron Pillar, IvyCap, and Saama Capital.
The chairman of Manipal Group, Ranjan Pai, and Info Edge Ventures are also contributing around Rs 100 crore each to the funding round. Existing investors are actively participating in this financial injection as well.
Previously, the online jewellery brand successfully raised $30 million from the family office of Sunil Kant Munjal from the Hero Group. This investment valued the company at $378 million.
Bluestone’s CEO, Gaurav Singh Kushwaha, has expressed plans to expand their omnichannel presence. Currently operating 175 stores, they envision expanding this network to reach 500-600 stores in the future. This strategy aligns with the company’s successful traction across tier 1 to tier 3 cities.
The new capital injection will primarily be allocated towards omnichannel expansion and technology integration to enhance the customer experience.
For fiscal year 2023, Bluestone reported a remarkable 70% growth in revenue compared to the previous fiscal year, which stood at Rs 477 crore. This growth trend follows a nearly 90% increase in FY22, after a period of flat growth in FY21.
Kushwaha highlighted that they achieved profitability in Ebitda (Earnings Before Interest, Taxes, Depreciation, and Amortization) in August and anticipate maintaining Ebitda profitability throughout FY24.
Bluestone’s successful funding round underscores its position as a leading player in India’s online jewellery market, with backing from a diverse range of influential investors.
