MUMBAI: Omnichannel jewelery retailer Bluestone raised more than $ 30 million (about Rs 228 crore) in a funding round led by Sunil Kant Munjal, chairman of Hero Enterprise, to the tune of $ 410 million.
Bluestone – which is backed by marquee investors, including Ratan Tata, Accel, Kalaari, Iron Pillar, IvyCap and Saama Capital – is said to be the largest omnichannel precious jewelry brand, the company said in a statement.
Funds from the latest round will be used to strengthen its manufacturing capabilities.
The statement did not name any other investors who joined the investment round.
The company expects to close this fiscal with a record revenue of Rs 500 crore, up 85 per cent over the previous financial year, when it reached break-even. Over the next two years, it targets annual revenue of more than Rs 2,000 crore.
The money will also be used to accelerate its store launch from its current base of 70 retail stores, as it plans to add 100 more stores in the next fiscal and a total of 300 by 2024, said Gaurav Singh Kushwaha, founder and chief executive of Bluestone. .
Founded in 2011, Bluestone is a leading destination for high -quality jewelry, providing more than 8,000 designs and multiple collections in line with the latest fashion trends and beautiful jewelry.
Bluestone – which is backed by marquee investors, including Ratan Tata, Accel, Kalaari, Iron Pillar, IvyCap and Saama Capital – is said to be the largest omnichannel precious jewelry brand, the company said in a statement.
Funds from the latest round will be used to strengthen its manufacturing capabilities.
The statement did not name any other investors who joined the investment round.
The company expects to close this fiscal with a record revenue of Rs 500 crore, up 85 per cent over the previous financial year, when it reached break-even. Over the next two years, it targets annual revenue of more than Rs 2,000 crore.
The money will also be used to accelerate its store launch from its current base of 70 retail stores, as it plans to add 100 more stores in the next fiscal and a total of 300 by 2024, said Gaurav Singh Kushwaha, founder and chief executive of Bluestone. .
Founded in 2011, Bluestone is a leading destination for high -quality jewelry, providing more than 8,000 designs and multiple collections in line with the latest fashion trends and beautiful jewelry.
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