BlueStone raises $30M in seed funding


Bluestone, an omnichannel jewelry seller, has raised $30 million in funding from Sunil Kant Munjal, the Chairman Hero Enterprise, at a valuation of $410 million. The company raised funds from Kalaari Capital, Ratan Tata, Accel, and Mumbai-based Ivy Capital.

Sunil Kant Munjal has been an active backer of multiple startups. In his initial stage, he invested in Nykaa, which turned out to be an extremely successful belt when the beauty and personal care company got listed in 2021.

BlueStone will utilize the funds in the following ways:

  • to increase its manufacturing capabilities, and 
  • expand their store presence over the country. 

The Bluestone jewelry brand has currently expanded to 70 stores in the last two years. Bluestone sets its target to open 100 more stores in the next financial year, also to have 300 stores by the year 2024.

The company was founded in 2011 by Gaurav, who, prior to this, founded and Vidya Nataraj. Bluestone is an online jewelry seller and also has a physical establishment. 

Executive opinion:

Gaurav Singh Kushwaha, Founder and Chief Executive Officer (CEO), Bluestone, said, “Last couple of years have been quite tumultuous for us like it was for everyone. But before Covid started, we were seeing very strong traction to our omnichannel approach." 

"The pandemic did slow down this growth but we kept opening stores as and when the lockdowns restrictions were relaxed," he added.

“We at Hero Enterprise believe that the jewellery industry in India is poised for exponential growth due to the enhanced self-belief and people’s desire to look and present themselves better. BlueStone’s journey over the past decade has been impressive and they have cracked the code on the online-offline dynamics of the industry," said Sunil Kant Munjal.

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