Bluestone Raises $16 Mn From IvyCap, Accel and Dragoneer

Bangalore-based online jewellery startup, Bluestone, has raised around $16 Mn (INR100 Cr) in Series C round of funding from a group of investors led by IvyCap Ventures, Accel Partners and Dragoneer Investment Group. Its early investors Kalaari Capital and Saama Capital also participated in the round. Besides, Avendus Capital was brought in as advisor for this transaction.

Bluestone plans to utilize the infused funds for its marketing to build a strong and distinctive brand.

BlueStone is expanding its team to cater to the growing demand. With the current headcount of 250 employees, BlueStone plans to increase its team size across levels in the next six months.

Quick Facts

Founded In: 2007

Founded By: Gaurav Singh Kushwaha and Vidya Nataraj

Total Funding Raised till date (including the present one): about $31 Mn

Investors: Accel Partners, Portea Medical CEO Meena Ganesh, Kalaari Capital, Saama Capital and Emeritus of Tata Sons, Ratan Tata

Gaurav Singh Kushwaha, co-founder and CEO of BlueStone, said that Bluestone has a current revenue run rate of 80-100 Cr per annum and is growing by 150% year-on-year basis. “Consumers are far more comfortable buying jewellery online today, than a year back. The eco-system in India has enabled trust in the e-commerce sector. I am confident about achieving over 200% growth every year for the next 2-3 years”, he added.

Bluestone offers an entire spectrum of jewellery from manufacturing to etailing. It has a just-in-time manufacturing model where the jewellery is manufactured within three to four days after the order is placed. The startup has a curated catalogue of 70,000 pieces of jewellery and a collection of about 25000 designs.