HomeBusiness NewsCompanies NewsRatan Tata-backed BlueStone bags $30 million in funding round led by Hero Enterprise chairman

Ratan Tata-backed BlueStone bags $30 million in funding round led by Hero Enterprise chairman

Jewellery platform BlueStone has raised $30 million at a valuation of $410 million in a funding round led by Sunil Kant Munjal, the Chairman of Hero Enterprise. With fresh capital, the omnichannel jewellery retailer is planning to scale manufacturing capabilities beyond its two existing units in Mumbai and accelerate a nationwide store rollout.

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By Akhil V  March 15, 2022, 6:35:46 PM IST (Updated)

Ratan Tata-backed BlueStone bags $30 million in funding round led by Hero Enterprise chairman
Jewellery platform BlueStone has raised $30 million at a valuation of $410 million in a funding round led by Sunil Kant Munjal, the Chairman of Hero Enterprise.


With fresh capital, the omnichannel jewellery retailer is planning to scale manufacturing capabilities beyond its two existing units in Mumbai and accelerate a nationwide store rollout.

The funding round comes at a time when the company is said to have appointed bankers for an initial public offering (IPO) of over Rs 1,500 crore at a valuation of Rs 12,000-15,000 crore, as per an ET report.

BlueStone, which is backed by Ratan Tata, Accel, Kalaari Capital, Iron Pillar, IvyCap and Saama Capital, could see some of its institutional investors sell their stake — partially or entirely — in the IPO scheduled for the second quarter (Q2) of the fiscal year (FY) 2023.

The IPO will put BlueStone in the league of listed players such as Titan (Tanishq), Kalyan Jewellers and PC Jewellers, who are jostling for a larger share of India's $70-80 billion jewellery market.

"BlueStone’s journey over the past decade has been impressive and they have cracked the code on the online-offline dynamics of the industry. The investments made in the business model and products give BlueStone an edge over the competition," said Sunil Kant Munjal, Chairman of Hero Enterprise.

Founded by Guarav Singh Kushwaha in 2011, BlueStone offers more than 8,000 designs with 30-day money-back guarantee, certified jewellery and try-at-home service.

The online jewellery platform is complemented by a network of 70 retail stores across India. Following this funding round, the company is targeting a footprint of 300 stores by 2024.

"We aim to further strengthen our omnichannel presence to provide a seamless and user-friendly experience to customers who want to utilize both our online and offline platforms to buy jewellery for themselves and their loved ones,” said Gaurav Singh Kushwaha, Founder and CEO of BlueStone.

In FY22, the company claims to have achieved break-even, registering an 85 percent increase in revenue to Rs 500 crore, which is expected to touch Rs 2,000 crore on an annual basis in the next two years.​

Also read: Ratan Tata-backed BlueStone Jewellery to raise over Rs 1500 crore via IPO
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