BlueStone.com, an online portal for jewellery, has raised a fresh round of funding led by IIFL and Accel. Along with them, Kalaari Capital, RB Investments and IvyCap Ventures have also participated in this round.
The company has raised ₹200 crore in the current round, which will enable the company to grow the category and strengthen its leadership position.
Gaurav Singh Kushwaha, Founder and CEO, BlueStone.com, said,
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.
The company 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.
The online jewellery segment is expected to capture 10% of total jewellery sales by 2020. The Indian precious jewellery market is currently valued at $60 billion and is projected to cross the $110 billion mark in the next five years with online contribution estimated to be in the $2 – 3 billion range.