Exclusive: Indian online jeweller BlueStone in process of raising $30-40m

Image from BlueStone website

Online jewellery retailer BlueStone is in the process of raising around $30-40 million, sources privy to the development told DEALSTREETASIA.

Existing investors including Kalaari Capital and Accel Partners along with some new names are said to have participated in the latest round, which is likely to be Series D.

In July last year, the firm had announced a third round of VC funding, worth Rs 100 crore ($15 million) led by Accel Partners, IvyCap Ventures and Dragoneer, with participation of Kalaari Capital and Saama Capital.

Prior to that, Bluestone had raised $5 million in 2012 from Accel Partners. Two years later it raised another $10 million from Kalaari Capital, Accel Partners and Saama Capital. Subsequently Ratan Tata came onboard as an investor, his second in the e-commerce space.

When contacted, Kalaari Capital and IvyCap declined to comment on the deal. An email sent to Accel Partners did not receive any response. BlueStone also declined to comment on the fund raising.

The funding would come in close on the heels of Titan Company Ltd announcing the acquisition of BlueStone’s bigger rival CaratLane Trading Pvt Ltd for an undisclosed amount.

In January, Melorra, a Bangalore-based online jewellery startup, raised $5 million from venture capital firm Lightbox Ventures, in one of the biggest seed funding rounds in India.

Bangalore-based Bluestone was founded by IIT graduate Gaurav Singh Kushwaha and Vidya Nataraj in 2011. It sells jewellery targeted at women buyers with its own manufacturing, designs and delivery functions.

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.

To compete with local brick and mortar jewellers that continue to dominate the market, 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.

According to the World Gold Council, Indians bought 662 tonnes of gold jewellery, valued at $26.9 billion, last year. The online retail market for jewellery is expected to rise from $3.5 billion to $6 billion this year according to Gartner. That would still be a small fraction of the overall jewellery market, leaving room for rapid growth.

Also Read:

India: Titan to acquire majority stake in jewellery startup 

This startup wants women to wear gold with western wear; raises $5m seed funding

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.