Aiming to set up additional manufacturing unit outside of Mumbai where it operates two units, online jewellery retailer Bluestone has raised Rs 200 crore in a Series D round led by IIFL and RB Investments Pte.
Existing investors in the company Kalaari Capital, Accel and IvyCap Ventures participated in the current round. The valuation remains undisclosed.
Gaurav Singh Kushwaha, founder of Bluestone told media, “We have 45-50% of the market share and plan to double our GMV run-rate by the close of FY 2016-17 to Rs 500 crore.”
The company competes with Tata Group backed Caratlane in the online jewellery space. The current round of capital will be used by the company to set up.
“We will augment our design capabilities over the year and invest significantly in trust-building among the consumer as the online jewellery space is just picking up in India,” added Kushwaha.
The company which claims to be operationally profitable is targeting overall profitability by 2018. This is the second big announcement in the online jewellery space in the last one week after Tata Group acquired 62% stake in Tiger Global backed jewellery e-tailer CaratLane for Rs 357.24 crores.
The online jewellery market in India is expected to grow to USD 3.6 billion over the next three years according to an estimate by jewellery portal, Jewelmart.