Bluestone raises Rs 35 crores to fuel expansion plans

By

Maverick Martins

Published
Dec 23, 2016

Online jewellery retailer Bluestone has raised Rs 35.51 crore by allotting preference shares to a new investor Iron Pillar Fund I, which will be used to expand the company’s presence in India.

The new investment from Iron Pillar is part of the Rs 200 crore funds it raised from a series of investors in July this year. These funds are being used to fuel its expansion plans and brand building exercises, a top executive of BlueStone told the Financial Express.

“We got Series D funds from a clutch of investors including our existing investors in July this year. This funding round was led by Iron Pillar Fund I, who came in as a new investor and IIFL Holdings. With this funding round, valuation of our company went up close to Rs 700 crore,” said Gaurav Kushwaha, co-founder and chief executive of Bluestone.

Bluestone has allotted 4,26,572 compulsorily convertible preference shares with a face value of Rs 10 each at a premium of Rs 814.05 per share to Iron Pillar Fund I, according to a filing with the Registrar of Companies.

BlueStone, owned by Bluestone Jewellery and Lifestyle, was founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj.