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BlueStone raises $16m from Ivy Capital, Dragoneer & existing investors

bluestone

Online jewellery store BlueStone has raised $16 million in a round of funding from Ivy Capital, Dragoneer and participation from existing investors Accel Partners, Kalaari Capital and Saama Capital, reports Vccircle. BlueStone will use the funding for marketing and to expand its team of 150 to 250 staffers.

BlueStone had previously raised an undisclosed amount from Ratan Tata in September last year. It had also raised $10 million in investment in March, from Kalaari Capital, Accel Partners and Saama Capital. Prior to this, BlueStone had also raised $5 million from Accel Partners and Portea Medical CEO Meena Ganesh in January 2012.

BlueStone was founded by Vidya Nataraj and former Chakpak.com CEO Gaurav Kushwaha in mid 2011. It currently offers jewellery products like rings, earrings, pendants, bangles and necklaces among others, made from silver, gold, diamond and gemstones etc. Other than this users can order ‘collections’ or sets of jewellery, gifts and gold coins on the platform.

The platform also features a shopping assistant, an automated guide to pick jewellery based on occasion, personality or face shape. Interestingly, BlueStone offers a Home Try-On option, that lets users select the products they like, book an appointment for a visit, and try the jewellery at home. Currently, this feature is available in around 15 cities including Delhi, Mumbai, Bangalore, Hyderabad and Pune.

As of now, the company claims to have a revenue run rate of Rs 80-100 crore per annum and to be operationally profitable.

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Competition:

– In January this year, Caratlane raised $31 million in funding in a Series D round of funding from Tiger Global. Previously, the company had raised $15 million in a Series C funding round from the same investor in May 2013. The company had also raised $6 million from the same investor in June 2011 and Rs 30 crore in March 2012.

– Online jewellery store Voylla.com had raised a Rs 2.5 crore angel investment from Snow Leopard Technology Ventures in May 2013. Subsequently in October 2014, the company had announced its plans to open 10 brick and mortar stores across the country by the end of the year.

– Others competitors include 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 several other offline jewellery brands like Tata Group’s Tanishq, Bhima Jewellers, Josco Jewellers and Abharan Jewellers, etc. that also offer their jewellery for sale online.

There is also Valyoo Technlogies’ JewelsKart, however Valyoo was 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 in June 2013, just a year after its launch.

 

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