Bluestone in talks with investors to raise $25 million to fuel offline expansion

By

Maverick Martins

Published
Feb 21, 2019

Online jeweller BlueStone Jewellery and Lifestyle Pvt Ltd is in talks with investors to raise around $25 million (Rs 177 crore) to fuel its offline expansion.
 

Bluestone is hoping to raise the amount before the end of this current fiscal and will be using the funds to open 300 stores over the next three years.
 
Since 2011, BlueStone has raised a total of $60 million from marquee investors such as Iron Pillar, IIFL, Accel, Kalaari, RB Investments, Saama Capital, IvyCap Ventures, Dragoneer, Ratan Tata, Meena Ganesh among others.

“We are looking to raise up to $25 million and will finalize a deal in the next couple of months," Gaurav Singh Kushwaha, founder and CEO of BlueStone told the Livemint.
 
“We are talking to Indian, as well as overseas investors, and will use the funds to grow our offline stores to 300 in the next three years,” he added.
 
BlueStone is one of the country’s leading e-commerce jewellery firms with over 35 percent market share. The company currently has six company-owned stores in leading metro cities like Mumbai, Chennai, Hyderabad, Chandigarh, and New Delhi.
 
Bluestone is targeting revenue of Rs 1,000 crore in FY19 and expecting to achieve profitability around the same time.