Tata-Backed BlueStone Promotes CPO Sudeep Nagar As Its Cofounder

SUMMARY

Sudeep has now become the third cofounder of BlueStone joining the team of two founders with Gaurav Singh Kushwaha and Vidya Nataraj

Sudeep holds more than 15 years of experience including a decade long stint at BlueStone

The development has come months after BlueStone secured $30 Mn funding from Sunil Kant Munjal of Hero Enterprise

Omnichannel jewellery startup BlueStone has today promoted its Chief Operating Officer (COO), Sudeep Nagar as the startup’s cofounder.

With this, Sudeep becomes the third cofounder of BlueStone joining the team of two founders with Gaurav Singh Kushwaha and Vidya Nataraj.

The development has come months after BlueStone secured $30 Mn funding from Sunil Kant Munjal of Hero Enterprise. Post the transaction, the startup is valued at $410 Mn.

Sudeep holds more than 15 years of experience including a decade-long stint at BlueStone. He has previously worked with companies including HCL, CSC and Lodha Group. He joined BlueStone as an assistant vice president in 2012 and gradually, elevated to the position of COO, according to his LinkedIn profile.

“It is no coincidence that Sudeep’s elevation to co-founder comes just as he marks a decade of building BlueStone. In these ten years, his initiatives have impacted all possible functions like marketing, retail, sales, logistics, accounts and more. I cannot think of a better person to share the mantle of cofounder,” said Gaurav Singh of BlueStone.

Set up in 2011 by Gaurav and Vidya Nataraj, the Bengaluru-based startup sells a variety of gold and diamond jewellery such as rings, pendants, earrings and bracelets, among others for women.

The startup claims to operate more than 140 retail outlets across 38 Indian cities. So far, as per the startup, it has created more than 8700 contemporary designs.

It has raised a total of $111 Mn funding to date. Its cap table includes Avanz Capital, Accel, IIFL Seed Ventures Fund I, Kalaari Capital and Iron Pillar Fund, among others.

According to Tofler, it reported a net loss of INR 1268 Cr in the financial year 2021-22 (FY22). Meanwhile, its operating revenue stood at INR 461 Cr in the corresponding period.

In India, it competes with the likes of CaratLane, Melorra and GIVA, among others.

According to IBEF data, the country’s gems and jewellery market stood at $78.50 Bn in the financial year 2021. Meanwhile, the industry recorded $1.19 Bn FDI inflows in diamond and gold ornaments between April 2000 and June 2021.

Further, as per the same report, the industry is estimated to cross the $119.80 Bn mark by the financial year 2027, growing at a CAGR of 8.34% during the financial year 2022-27.