IIFL and RB Investments Pte have led Rs 200 crore Series D round in online jewellery retailer Bluestone at undisclosed valuation. Existing investors in the company Kalaari Capital, Accel and IvyCap Ventures participated in the current round.
The company competes with Tata Group backed Caratlane in the online jewellery space. “We have 45-50% of the market share and plan to double our GMV run-rate by the close of FY 2016-17 to Rs 500 crore,” said Gaurav Singh Kushwaha, Founder of Bluestone.
The current round of capital will be used by the company to set up an additional manufacturing unit outside of Mumbai where it operates two units. The company which claims to be operationally profitable is targeting overall profitability by 2018.
“We will augment our design capabilities over the year and invest significantly in trust-building among the consumer as the online jewellery space is just picking up in India,” said Kushwaha.
This is the second big announcement in the online jewellery space in the last one week after Tata Group acquired 62% stake in Tiger Global backed jewellery e-tailer CaratLane for Rs 357.24 crores. The online jewellery market in India is expected to grow to USD 3.6 billion over the next three years according to an estimate by jewellery portal, Jewelmart.
Source: Economic Times
Image Courtesy: The Hindu Business Line
