Online jeweller BlueStone raises Rs 60 crore in second round

BANGALORE: Online jewellery brand BlueStone has raised $10 million, or over Rs 60 crore, in a second round of funding. Venture firm Kalaari Capital led the investment, which saw participation from the company’s existing investors Accel Partners and Saama Capital.

The company, which designs and manufactures its own range of precious jewellery, had raised $5 million (over Rs 30 crore) in 2012, a few months after its launch. Serial entrepreneurs Krishnan Ganesh and Meena Ganesh, who sold their education firm TutorVista to British publishing company Pearson in 2011, were early investors in the company.

Saama Capital, which is run by the same team that managed SVB India Capital Partners (a subsidiary of US’ Silicon Valley Bank), is an investor in online marketplace Snapdeal as well.

Gaurav Singh Kushwaha, co-founder of BlueStone, said the funds will be used primarily for scaling up operations and for marketing.

“We have ironed out our operations and manufacturing and have built a brand that customers trust. We want to now take this to the next level,” said Kushwaha, an IIT-Delhi alumnus, who previously cofounded online entertainment portal Chakpak.

BlueStone, which primarily retails lighter jewellery pieces such as pendants, rings and earrings, follows the made-to-order model, where a piece is manufactured within 3-4 days of an order being placed.