The company plans to use this investment for its marketing and brand-building initiatives. Prior to this, BlueStone had raised $5 million from Accel Partners and Portea Medical CEO Meena Ganesh in January 2012.
BlueStone was founded by Vidya Nataraj, previously of Landmark Ltd and former Chakpak.com CEO Gaurav Kushwaha in mid 2011. It’s worth noting that Nataraj is married to Ganesh Narayan, Joint MD of the jewellery business C. Krishniah Chetty & Sons, which is currently undergoing a restructuring as per a family settlement. A TOI report says this was due to differences over the business’s future growth plans and both the families (Narayan & his uncle Vinod Hayagriv’s families) had conflicting views on the start of BlueStone.com by Nataraj.
Bluestone currently offers jewellery products like rings, earrings, pendants, bangles and necklaces among others. It offers gold, diamond and gemstore jewellery. The company claims to have generated annual sales of Rs 40 crore for this fiscal and hopes to double it in the next fiscal, as indicated by the report.
Competitors: Other players in this space include Caratlane which was rumoured to have raised $15 million from Tiger Global last May, Gitanjali Group’s Gitanjalishop.com (opened in partnership with Times Internet’s Indiatimes Shopping), Berlin-based online fashion jewellery company Juvalia & You which launched its Indian operations in June 2012 and Voylla.com which had raised Rs 2.5 crore angel investment from Snow Leopard Technology Ventures
There is also Valyoo Technlogies’ JewelsKart, however Valyoo is currently looking to sell it off along with WatchKart and BagsKart to focus on its flagship online eyewear store LensKart. Rocket Internet backed jewelry eStore 21Diamonds.in had also shut down its Indian operations last June, just a year after its launch.