Funding in the omnichannel jewellery retailer was led by Sunil Kant Munjal, Chairman, Hero Enterprise
Bengaluru, NFAPost: Ratan Tata-backed BlueStone, a leading omnichannel jewellery retailer, has raised over $30 million in funding at a valuation of $410 million.
The funding round was led by Hero Enterprise Chairman Sunil Kant Munjal, who is an acknowledged go-to investor for many startups across stages. BlueStone is India’s largest omnichannel precious jewellery brand with a design-led approach and with fresh collections being updated every month.
With this round of funding, Bluestone is planning to step up its manufacturing capabilities. In the fiscal year ending March 2022, the company will record revenue of Rs 500 crore (a growth of 85 per cent over the previous fiscal year), with break-even achieved. In the next two years, the company is targeting annual revenue of more than Rs 2,000 crore.
The company is accelerating a nationwide store rollout; its current base of 70 retail stores across India complements its pioneering digital channel, providing it with a robust omnichannel presence. The company’s expansion has been accomplished in a highly capital-efficient manner.
BlueStone plans to launch 100 more stores in the next fiscal year, with a cumulative footprint of 300 stores projected by 2024. BlueStone is backed by marquee investors including Ratan Tata, Accel, Kalaari, Iron Pillar, IvyCap and Saama Capital.
BlueStone Founder and CEO Gaurav Singh Kushwaha said Hero Enterprise has had a long history of helping brands scale up and achieve their full potential. We are delighted to welcome Munjal to the BlueStone family.
“With this round of funding, we aim to further strengthen our omnichannel presence to provide a seamless and user-friendly experience to customers who want to utilise both our online and offline platforms to buy jewellery for themselves and their loved ones,” said BlueStone Founder and CEO Gaurav Singh Kushwaha.
Sunil Kant Munjal said the jewellery industry in India is poised for exponential growth due to the enhanced self-belief and people’s desire to look and to 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.
He said the investments made in the business model and products give BlueStone an edge over the competition. “We are thrilled to join in this journey and contribute to the exciting road ahead,” said Sunil Kant Munjal.
Iron Pillar Cofounder and Managing Partner Sameer Nath said in many consumer retail sectors, the Indian market tends to be a fraction of the US market.
“However, at $80 billion, the Indian jewellery market is almost the same size as the US,” said Iron Pillar Cofounder and Managing Partner Sameer Nath. “Given the massive TAM (total addressable market) at play, BlueStone has a unique opportunity to sustain its growth trajectory and scale to its full potential,” he said.
Accel Managing Partner Prashanth Prakash said this funding validates the success of BlueStone’s omnichannel strategy.
“BlueStone stands at the vanguard of the jewellery industry with its innovative full-stack business model and distinctive product offering. The fresh capital will further enhance the company’s brand and competitive position,” said Accel Managing Partner Prashanth Prakash.
Founded in 2011, BlueStone provides over 8,000 designs, and multiple collections in keeping with the latest trends in fashion and fine jewellery. The company said it aims at revolutionizing the fine jewellery industry with its unique omnichannel approach and a strong emphasis on craftsmanship, quality and customer experience.