Funding · Commerce & Consumer Brands

BlueStone secures $30 million in funding from Hero Enterprises

By Startup Enthusiast · 12 July 2022

What they do

BlueStone designs, manufactures, and retails fine jewellery items such as rings, pendants, earrings, and chains through online and offline channels

The Bengaluru-based company raised $30 million in funding from Hero Enterprises after a gap of six years

Despite operating a network of offline stores during the pandemic-affected fiscal year 2021, the company narrowed its losses significantly

Jewellery retailer BlueStone raised $30 million in a funding round led by Hero Enterprises.
This capital infusion marks the company's first major funding event after a gap of six years.
During the pandemic-hit fiscal year 2021, the firm recorded an operating revenue of Rs 269 crore, representing a 5.5% increase from the previous year.
Material costs decreased by 5% to Rs 194.87 crore, while employee benefit expenses dropped by 15% to Rs 22.47 crore due to austerity measures.
Advertisement expenditure surged by 53.7% to reach Rs 20.37 crore during the same period.
Despite scaling operations and managing a network of 70 offline stores, the company reduced its net losses by 43% to Rs 13.76 crore.

The funding round follows a stable financial performance during a challenging period marked by pandemic-related disruptions.
The company previously considered an initial public offering to raise Rs 1,500 crore at a valuation between Rs 12,000 crore and Rs 15,000 crore, but delayed the plan.

BlueStone operates an omnichannel model combining an e-commerce portal with physical retail stores across more than 125 cities nationwide.
The product catalog features over 7,000 certified designs across categories including rings, earrings, pendants, mangalsutras, and bracelets.
The business crafts and sells premium ornaments fashioned from precious metals and stones like gold, platinum, diamonds, and gems.
It offers customer services such as a 10+1 Monthly Plan, lifetime exchange and buyback policies, and a 30-day money-back guarantee.
Revenue is generated through the direct sale of fine jewellery products across both digital platforms and physical brick-and-mortar storefronts.

The company has previously explored plans for an initial public offering to raise Rs 1,500 crore.