Online jewellery retailer Bluestone.com, said it has raised Rs 200 crore in a fresh round of funding, led by IIFL and Accel along with Kalaari Capital, RB Investments and IvyCap Ventures.
The ₹200 crore fund will enable the company to grow the category and strengthen its leadership position, the company said.
Bluestone, owned by Bluestone Jewellery and Lifestyle Pvt. Ltd, was founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj. The platform features more than 5000 unique and ships to over 20,000 pin codes across the country.
In 2014, Ratan Tata made a personal investment in the company, which was one of his early bets in the startup space.
Interestingly, Titan acquired 62% stake in CaratLane a few days back.
“BlueStone pioneered the category of online fine jewellery in 2011 and in a short span of five years has captured majority market share. We are now targeting a four-fold increase in revenues to touch Rs.1,000 crore by 2018 and want to achieve this goal in a profitable and sustainable manner,” Gaurav Singh Kushwaha, Founder and CEO, BlueStone.com said.
Globally, the online jewellery segment is witnessing exponential growth and is expected to capture 10% of total jewellery sales by 2020. The Indian precious jewellery market which is currently valued at $60 billion is projected to cross the $1 10 billion mark in the next five years with online contribution estimated to be in the $2 – 3 billion range.
Currently, the online jewellery segment in India contributes less than 0.5% but is growing at 5X YoY as compared to traditional jewellery players.
BlueStone.com said it has planned major investments in expanding design and manufacturing capacity as well as marketing initiatives to grow the online jewellery segment.