Funding · Commerce & Consumer Brands

Bluestone raises ₹550 crore in funding round

By Startup Enthusiast · 23 September 2023

What they do

Jewellery e-tailer Bluestone offers gold and diamond pieces through both its online store and physical retail outlets

The company is raising ₹550 crore in a funding round led by investors including Ranjan Pai and Nikhil Kamath

The 12-year-old firm plans to use the fresh capital for expanding its business and opening new offline stores

Fine jewellery platform Bluestone is securing ₹550 crore from various affluent individuals, startup entrepreneurs, and institutional funds.
Manipal Group chairman Ranjan Pai, Zerodha co-founder Nikhil Kamath, along with Info Edge Ventures, are each contributing ₹100 crore.
The remaining ₹250 crore comes from IIFL, existing backers, and startup chiefs Deepinder Goyal and Amit Jain.
Bluestone intends to allocate the capital towards scaling operations and launching additional brick-and-mortar showrooms.
The 12-year-old enterprise previously secured $30 million from the family office of Sunil Kant Munjal during March 2022 at a $378 million valuation.

The capital injection arrives while rival firm CaratLane held a valuation exceeding ₹17,000 crore or $2 billion.
Titan acquired the final 27.2% shareholding belonging to Mithun Sancheti and relatives in CaratLane for ₹4,621 crore during August.
Bluestone posted an 88.2% increase in operational revenue reaching ₹461 crore for FY22, alongside a loss expansion of nearly 90% to ₹59 crore.

BlueStone operates as an online marketplace and omnichannel retailer for fine jewellery in India.
The company sells an extensive range of certified gold, platinum, diamond, and gemstone jewellery designs.
Products offered include rings, earrings, pendants, necklaces, bangles, bracelets, mangalsutras, and gold coins.
Customers can browse collections online or visit physical retail stores spread across the nation.
The platform provides customer benefits such as a Lifetime Exchange and Buyback Policy and free shipping on online orders.

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