Indian jewelry e-tailer BlueStone bags $10M in Series B round
Online jewelry seller BlueStone has secured $10 million (more than INR60 crore) in its Series B financing. Kalaari Capital was the lead investor in the said round with previous investors Accel Partners and Saama Capital participating, according to The Economic Times.
BlueStone co-founder Gaurav Singh Kushwaha said the company will use the new capital to scale up its operations. The funding will also support its marketing and branding campaigns, the report added.
The Times of India (TOI) cited Accel partner Prashanth Prakash saying of BlueStone: "A new generation of buyers who don't have a traditional family jeweller is looking for a brand that resonates with them. Many of them are shopping online as it is affordable, makes for a good investment and is wearable to work."
The Bangalore-based jewelry firm has a fully-owned manufacturing division. It was co-founded by Kushwaha and Vidya Nataraj. BlueStone's differentiating service is its delivery of customized jewelry after three or four days from the date of order. In addition, the company does not charge an inventory fee to its customers, TOI reported.