Omnichannel jewellery retailer Bluestone has raised over USD 30 million (about Rs 228 crore) in a funding round led by Sunil Kant Munjal, chairman of Hero Enterprise, at a valuation of USD 410 million.
Bluestone — backed by marquee investors, including Ratan Tata, Accel, Kalaari, Iron Pillar, IvyCap and Saama Capital — claims to be the largest omnichannel precious jewellery brand, the company said in a statement. The funds from the latest round will be used to step up its manufacturing capabilities. The statement did not name any other investors who have joined the investment round.
The company hopes to close this fiscal with record revenue of Rs 500 crore, up 85 per cent over the previous financial year, when it achieved break-even. In the next two years, it is targeting annual revenue of over Rs 2,000 crore. The money will also be used to accelerate its store rollout from the current base of 70 retail stores, as it plans to add 100 more stores next fiscal and a total of 300 by 2024, Gaurav Singh Kushwaha, founder and chief executive of Bluestone, said.
Founded in 2011, Bluestone is a leading destination for high-quality jewellery, providing over 8,000 designs and multiple collections in line with the latest trends in fashion and fine jewellery.
