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

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. Competition: - In January this year, Caratlane raised…

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