Bangalore based online jewelry retailer Bluestone has raised $10 mn from Kalaari Capital and other investors, according to a report.
The company is set to clock Rs 40 cr in annual sales at the end of this month and is looking to double sales, the TOI reported. The company will use the funds to build its brand in the $45 bn organized Jewellery market.
In January 2012, Bluestone had raised $5 mn in funding from Accel Partners and serial entrepreneur Meena Ganesh.
The company was founded by Vidya Nataraj, formerly of retail chain Landmark and Gaurav Kushwah, the founder of Chakpak (which was later acquired by Flipkart).
Caratlane, a rival to Bluestone has raised a total of $27 mn from investors so far.Rocket Internet backed 21Diamonds launched a do-it-yourself jewellery store in India in June 2012 and later shut it down. Last year, Gerald Ratner launched his online jewelry store in India. The site doesn’t seem to be active anymore. It now says that it is under “complete redevelopment.”
VC Investment in Online Jewelry Stores in India
- Chennai based online jewellery retailer Caratlane had raised total of $27 million from Tiger Global in three rounds.
- Designer jewellery and accessories online store, Voylla.com raised INR 2.5 crores from Pune-based Snow Leopard Technology Ventures.
- Gurgaon based Youshine, had raised $1.5 million in two rounds of angel funding in February and November 2012 from two angel investors based out of Switzerland.