At a valuation of $410 million the Accel-backed jewellery seller Bluestone has raised $30 million in funding from Sunil Kant Munjal, Chairman, Hero Enterprise.
With this fundraise, the company plans to use the funds to increase its manufacturing capabilities and also expand its store presence across India.
“Last couple of years have been quite tumultuous for us like it was for everyone. But before Covid started, we were seeing very strong traction to our omni-channel approach”, said, Gaurav Singh Kushwaha, Founder and Chief Executive Officer (CEO), Bluestone.
The Bengaluru-based jewellery brand established in 2011 by Gaurav Singh Kushwaha, Bluestone is a well-known jewellery brand in India.
The company said that We aim at revolutionizing the fine jewellery and lifestyle segment in India with a firm focus on craftsmanship, quality and customer experience.
As of March 2020, Bluestone has expanded from 19 to 70 stores. Bluestone aims to open 100 stores in the next financial year and 300 stores by 2024.
Gaurav also said, “The pandemic did slow down this growth but we kept opening stores as and when the lockdowns restrictions were relaxed”.
“We at Hero Enterprise believe that the jewellery industry in India is poised for exponential growth due to the enhanced self-belief and people’s desire to look and present themselves better. BlueStone’s journey over the past decade has been impressive and they have cracked the code on the online-offline dynamics of the industry,” said Sunil Kant Munjal, Chairman of Hero Enterprise.
Since the inception of the company, many big companies like Ratan Tata, Ivy Cap Ventures, Kalaari, Accel and others have invested in Bluestone.