BlueStone.com Raises Rs 200 Cr from IIFL, Accel and others
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.
BlueStone.com, India’s leading online destination for fine jewellery, has raised 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.
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 has planned major investments in expanding design and manufacturing capacity as well as marketing initiatives to grow the online jewellery segment.
According to Gaurav Singh Kushwaha, Founder and CEO, BlueStone.com, “BlueStone.com 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 1000 crore by 2018 and we want to achieve this goal in a profitable and sustainable manner. The new round of investments underscores the success of the company’s vertically integrated full stack online first business model and the enormous untapped potential in the jewellery category.”
Prashanth Prakash, Partner, Accel Partners said, “BlueStone.com has posted strong, sustained growth and set several benchmarks in the online jewellery retail industry in India like leveraging technologies such as 3D Visual Merchanding to omni-channel initiative of Home Try-On. We are committed to extend our association with BlueStone.com as we see immense potential in the brand.”
Speaking on the latest fund raise, Vani Kola, Managing Director, Kalaari Capital said, “BlueStone.com has a high quality team and has grown rapidly over the last year. With the strong foundation and this capital infusion, we believe BlueStone.com is well positioned to build a large online jewellery brand in India.”
BlueStone.com offers over 5,000 unique jewellery designs and plans to scale to 30,000 designs in the next three years. With design, manufacturing and logistics capabilities built in-house, the brand is able to quickly expand its manufacturing capabilities and customize its design offerings as per market trends.
Headquartered in Bangalore, BlueStone.com had earlier raised funds from Accel Partners, Kalaari Capital, Dragoneer Investment Group, IvyCap Ventures and Saama Capital. Mr Ratan Tata and Ms Meena Ganesh (CEO of Portea) have also invested in the company. With the latest fund raise, the total funding received by BlueStone.com is $60 million.