Online Jewelry Store Bluestone Secures $10M Funding From Kalaari Capital

Online jewelry portal Bluestone has raised $10 million in funding from Kalaari Capital. The Bangalore based company will use the funding to ramp up its marketing and invest in brand-building initiatives. Bluestone which was founded three years ago had previously raised $5 million from Accel Partners in January 2012.

The online retailer will clock Rs 40-crore sales this March and hopes to double it in the next financial year, as per the report. Founded by Gaurav Kushwaha and Vidya Nataraj, Bluestone deals in diamond, gold and gemstone jewelry such as pendants, ear rings, rings, bangles, necklace and others. It offers 25,000 unique design and one crore choices for the customer with zero inventory costs.

According to IAMAI report last year, online jewelry registered 117% year on year growth. Caratlane, Voylla, Juvalia and You are some of the players in this market. In 2013, Caratlane secured a funding of $15 million from Tiger Global while Voylla raised Rs 2.5 Cr from Pune-based Snow Leopard Technology Ventures.

Online jewelry market is still a strong offline market in India and is yet to fully bloom as an online market. But, with number of online transactions increasing by day, the online jewelry market is seeing a lot of new early adopters.

Source: The Times of India

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