Jewellery e-tailer Bluestone is raising Rs 550 crore from a clutch of high net worth individuals, startup founders and institutional investors. Ranjan Pai, chairman of Manipal Group, Info Edge Ventures and Zerodha co-founder Nikhil Kamath will be investing Rs 100 crore each.
The Remaining Rs 250 crore will be pumped by Zomato and CarDekho co- founders and chief executives Deepinder Goyal and Amit Jain, IIFL and other existing backers. The company plans to use the funds for expansion and opening new offline stores, according to an ET report.
In March 2022, Bluestoner raised $30 million from the family office of Sunil Kant Munjal at a valuation of $378 million. The 12-year-old company offers gold and diamonds jewelleries through its retail outlets and online store.
The funding came at a time when its (Bluestone) competitor Caratlane was valued at over Rs 17,000 crore or $2 billion. In August, Titan bought Mithun Sancheti and his family’s remaining 27.2% stake for Rs 4,621 crore.
Bluestone is yet to report FY23 numbers but its operating collection surged 88.2% to Rs 461 crore in FY22. Its losses rose around 90% to Rs 59 crore in the same period. It directly competes with Melorra, Giva, the Tata Group owned CaratLane.