BlueStone retailer has raised more than $30 million in a funding round taking its valuation to $410 million. The funding round was led by Sunil Kant Munjal, Chairman of Hero Enterprise, recognized as a dependable investor for many startups at all stages. BlueStone is India's largest omni-channel fine jewellery brand with monthly updates on its design-driven approach and collection.
The company is planning to set up its manufacturing capabilities with this round of funding. It is expected to record revenue of Rs 500 crore in the financial year ending on March 2022. BlueStone is also targeting annual revenue of more than Rs 2,000 crore in the next two years.
It is accelerating a nationwide store rollout, its current base of 70 retail stores across India complements its pioneering digital channel, providing it with a robust omnichannel presence. BlueStore also plans to launch 100 more stores in the next financial year, with a cumulative footprint of 300 stores projected by 2024.
The CEO and founder of BlueStone, Gaurav Singh Kushwaha has said that Hero Enterprise has had a long history of helping brands scale up and achieve their full potential. He also said that the company expects to strengthen its omnichannel presence to provide a seamless and user-friendly experience to customers who want to utilise both online and offline platforms of the company to buy jewellery.
Founded in 2011, BlueStone offers over 8,000 designs and multiple collections that reflect the latest trends in fashion and fine jewellery. The company said it aims to revolutionize the jewellery industry with a unique omni-channel approach with its focus on craftsmanship, quality and customer experience.