Bluestone, an omni-channel jewellery seller, has raised $30 million in funding from Sunil Kant Munjal, Chairman, Hero Enterprise, at a valuation of $410 million.
Sunil Kant Munjal has been an active backer of multiple startups. He invested in Nykaa in its initial stages, which turned out to be an extremely successful bet when the beauty and personal care giant got listed in 2021.
BlueStone will use the funds to increase its manufacturing capabilities and also expand their store presence across India. Gaurav Singh Kushwaha, Founder and Chief Executive Officer (CEO), Bluestone, told YourStory in an interaction -
"Last couple of years have been quite tumultuous for us like it was for everyone. But before Covid started, we were seeing very strong traction to our omni-channel approach."
The Bengaluru-based omnichannel precious jewellery brand has currently expanded to 70 stores from 19 in March 2020. "The pandemic did slow down this growth but we kept opening stores as and when the lockdowns restrictions were relaxed," says Gaurav.
Bluestone aims to open 100 more stores in the next fiscal year, aiming to have 300 stores by 2024.
“We at Hero Enterprise believe that the jewellery industry in India is poised for exponential growth due to the enhanced self-belief and people’s desire to look and present themselves better. BlueStone’s journey over the past decade has been impressive and they have cracked the code on the online-offline dynamics of the industry," said Sunil Kant Munjal in a release shared by the company.
Started in 2011 by Gaurav, who earlier founded Chakpak.com, and Vidya Nataraj, a former consultant, Bluestone is an online jewellery seller, which also has a physical presence. The company initially raised funds from Bengaluru-based Kalaari Capital, Ratan Tata, Accel and Mumbai-based Ivy Capital, among others.
Edited by Anju Narayanan