Bluestone, backed by Ratan Tata, raises ₹200 cr

BENGALURU: Ratan Tata-backed online jewellery retailer Bluestone has raised ₹200 crore in its fourth round of funding from existing investors Kalaari Capital and

BENGALURU: Ratan Tata-backed online jewellery retailer Bluestone has raised ₹200 crore in its fourth round of funding from existing investors Kalaari Capital and IvyCap Ventures, and Singapore-based venture capital fund RB Investments, which is a new investor.

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The parties involved did not provide the percentage of stake offered in this deal hence the valuation of Bluestone after this deal could be ascertained.

Bluestone, which was founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, has so far raised $60 million. Ratan Tata had invested an undisclosed sum in Bluestone in September 2014, which was his second investment in the e-commerce space after Snapdeal.

Kushwaha, CEO of the company, said ,“We are now targeting a four-fold increase in revenues to ₹1,000 crore by 2018 and we want to achieve this go alina profitable and sustainable manner. The new round of investments under scores the success of the company’s vertically integrated full stack online first business model and the enormous untapped potential in the jewellery category.”

BlueStone.com is planning to invest in expanding its designs and manufacturing capacity as well as marketing initiatives.

Blue stone said Indian precious jewellery market, which is currently valued at $60 billion (over ₹4 lakh crore), will cross the $110 billion (₹7.4 lakh crore) mark in the next five years with online contribution estimated to be in $2-3 billion (₹13,500-20,200 crore).