Online jewellery portal BlueStone.com has raised second round of VC funding worth 10 million Dollars (Rs 60 crore) from Kalaari Capital with the participation of existing investors Accel Partners and Saama Capital. Founded in 2011, BlueStone.com had raised $5 million in Series A in 2012 which was used to set up operations and marketing.
Commenting on the announcement, Gaurav Singh Kushwaha, Founder & CEO BlueStone.com, said: “We are delighted to partner with Kalaari Capital for our second round of funding. This investment speaks volumes of our business potential. A significant portion of the funds would be appropriated towards marketing and establishing BlueStone as the leading online jewellery store in the next 2 years. We have done an extensive market research and have our strategies in place for achieving the desired goals. We are looking at doubling our current revenue run rate in 2014-2015 and are close to achieving operational profitability.”
Vani Kola, Managing Director, Kalaari Capital, added: “BlueStone has built a unique manufacturing model through ‘made to order’ manufacturing which aides in a rapid and confident growth of the business. The unique features offered by BlueStone.com makes it a compelling value proposition for the customer. We are looking forward to our partnership with the online platform to build it as a market leader in the online jewellery segment.”
BlueStone.com was founded in 2011 offering gold and diamond jewellery for men and women including earrings, pendants, necklaces, rings, bangles, bracelets, nose pins, and mangalsutras. It also offers customisable rings, earrings and pendants in gold, diamonds and precious gem stones.
