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NEW DELHI : BlueStone, an omnichannel jewellery retailer, has raised $30 million in funding at a valuation of $410 million, the company said on Tuesday. The round was led by Sunil Kant Munjal, chairman, Hero Enterprise. With the latest funds, the company plans to step up its manufacturing capabilities.

BluStone has 70 retail stores across India and plans to launch 100 more in the next fiscal year, with a cumulative footprint of 300 stores projected by 2024.

The brand will expand its offline presence to cities like Visakhapatnam, Jaipur, Indore, among others. For the financial year ending 31 March 2022, the company expects to clock a revenue of 500 crore, up 85% year-on-year, said Gaurav Singh Kushwaha, founder and CEO, BlueStone. Over the next two years, the company is targeting annual revenue of about 2,000 crore, he said.

BlueStone is backed by investors such as Ratan Tata, Accel, Kalaari, Iron Pillar, IvyCap and Saama Capital and was set up in 2011 as an online retailer which used to ship jewellery across India and abroad. In 2020, it had raised about 25 crore from its existing investors and Bethesda and Maryland-based Avanz Capital.

Bluestone competes with brands like Melorra which raised $12 million in a Series C funding round led by Lightbox in 2019. It also competes with brands like CaratLane and Voylla. CaratLane is owned by Titan Co. that owns Tanishq.

Kushwaha said, Hero Enterprise has had a long history of helping brands scale up and achieve their full potential. "With this round of funding, 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."

Sunil Kant Munjal, chairman, Hero Enterprise, said that the jewellery industry in India is poised to grow exponentially due to the enhanced self-belief and people’s desire to look and to present themselves better. "Their 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 them an edge over the competition. We are thrilled to join in this journey and contribute to the exciting road ahead," he said.

Sameer Nath, co-founder and managing partner of venture capital firm Iron Pillar, which has also invested in this round, said in many consumer retail sectors, the Indian market tends to be a fraction of the US market. "However, at $80 billion, the Indian jewellery market is almost the same size as the US. Given the massive total addressable market, they have an opportunity to sustain their growth trajectory." 

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