Mumbai: Online jeweller BlueStone Jewellery and Lifestyle Pvt. Ltd is looking to raise up to $25 million in fresh funding to expand its offline presence, a top company executive said. The BlueStone website sells gold, diamond and pearl pendants, necklaces, earrings and nose rings, among others. It also has six stores in Mumbai, Chennai, Hyderabad, Chandigarh and New Delhi.
“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, BlueStone, said over the phone.
“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."
Last month, in an internal funding round, the startup had raised around $2 million from its existing investors Accel Partners, Saama Capital, Iron Pillar and IvyCap Ventures, filings with the registrar of companies show.
Founded in 2011, BlueStone also counts Kalaari Capital, IIFL Holding and Cambodia’s Obor Capital among its investors.
“(BlueStone has a) large variety of designs and a low inventory model because of effective supply chain management. There is significant competition in the offline business, and brand building is critical. Inventory management is a big issue and, hence, and online-offline model is the only way to scale," said Vikram Gupta, managing partner, IvyCap Ventures.
Harish Hulyalkar, partner, Iron Pillar, said BlueStone’s growth has been aided by a gradual shift of buying behaviour, which has seen customers move towards buying jewellery from branded retailers, besides its strategic decision to focus on daily wear jewellery.
Kalaari, RB Investments, Saama Capital, Accel and Obor did not respond to emails seeking comment.