Omnichannel Jewellery Startup BlueStone Secures $30 Million headed by Hero Enterprise
BlueStone, an omnichannel jewellery firm, has secured $30 million in a fundraising round led by Sunil Kant Munjal of Hero Enterprise.
The omnichannel jewellery retailer is now valued at $410 million.
The funds will be used to expand BlueStone's production capabilities and speed its pan-India rollout. The investment will also be used by BlueStone to strengthen its omnichannel presence and provide customers with seamless and user-friendly experience, according to the jewellery company.
BlueStone aims to open 100 more locations in the coming fiscal year now that the purchase is closed. By 2024, it is planned to bring the total number of stores to 300.
Gaurav Singh Kushwaha, CEO and creator of BlueStone, commented on the announcement, said, "With this round of funding, we aim to further strengthen our omnichannel presence to provide a seamless and user-friendly experience to customers who want to utilise both our online and offline platforms to buy jewellery for themselves and their loved ones.”
Sunil Kant Munjal, chairman of Hero Enterprise, stated, "BlueStone’s journey over the past decade has been impressive and they have cracked the code on the online-offline dynamics of the industry. The investments made in the business model and products give BlueStone an edge over the competition. We are thrilled to join in this journey and contribute to the exciting road ahead."
BlueStone is an omnichannel jeweller startup founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj that claims to provide over 8,000 designs across rings, pendants, earrings, and other goods.
The startup raised around $2 million in a Series E fundraising round led by Accel in July 2020. Prior to it, in 2020, the company had received $1.42 million in funding from Avanz Capital. With this, the business has raised a total of $100 million from a variety of investors.
Ratan Tata and a bevy of other notable investors, including Accel, Kalaari, IvyCap, Iron Pillar, and Saama Capital, have funded the firm.
The startup currently has around 70 retail stores across the country, with plans to expand its cumulative footprint to 300 stores by 2024.
It anticipates generating INR 500 crore in revenue in the fiscal year ending March 2022, an increase of 85 percent over the previous year. Furthermore, BlueStone claims to be aiming for more than INR 2,000 crore in revenue over the next two years.
The omnichannel jewellery retailer is now valued at $410 million.
The funds will be used to expand BlueStone's production capabilities and speed its pan-India rollout. The investment will also be used by BlueStone to strengthen its omnichannel presence and provide customers with seamless and user-friendly experience, according to the jewellery company.
BlueStone aims to open 100 more locations in the coming fiscal year now that the purchase is closed. By 2024, it is planned to bring the total number of stores to 300.
Gaurav Singh Kushwaha, CEO and creator of BlueStone, commented on the announcement, said, "With this round of funding, we aim to further strengthen our omnichannel presence to provide a seamless and user-friendly experience to customers who want to utilise both our online and offline platforms to buy jewellery for themselves and their loved ones.”
Sunil Kant Munjal, chairman of Hero Enterprise, stated, "BlueStone’s journey over the past decade has been impressive and they have cracked the code on the online-offline dynamics of the industry. The investments made in the business model and products give BlueStone an edge over the competition. We are thrilled to join in this journey and contribute to the exciting road ahead."
BlueStone is an omnichannel jeweller startup founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj that claims to provide over 8,000 designs across rings, pendants, earrings, and other goods.
The startup raised around $2 million in a Series E fundraising round led by Accel in July 2020. Prior to it, in 2020, the company had received $1.42 million in funding from Avanz Capital. With this, the business has raised a total of $100 million from a variety of investors.
Ratan Tata and a bevy of other notable investors, including Accel, Kalaari, IvyCap, Iron Pillar, and Saama Capital, have funded the firm.
The startup currently has around 70 retail stores across the country, with plans to expand its cumulative footprint to 300 stores by 2024.
It anticipates generating INR 500 crore in revenue in the fiscal year ending March 2022, an increase of 85 percent over the previous year. Furthermore, BlueStone claims to be aiming for more than INR 2,000 crore in revenue over the next two years.
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