Bluestone jewelled with funding from existing investors. The company is online jewellery startup based in Bengaluru. Bluestone is one of the first online jewellery company launched in India. They created niche online jewellery brand trusted by millions of customers across the country. Bluestone is owned and operated by BlueStone Jewellery and Lifestyle Pvt Ltd.
The company adopted innovative ways of marketing and to address the genuineness of the product. They have 5 stores in major cities where the customers can order online and collect them after checking the jewellery. With this kind approach, Bluestone has earned customer loyalty, vital for the online jewellery business.
Within a span of 4 years, Bluestone has managed its grab attention from leading investors like Ratan Tata, Chairman Emeritus, Tata Sons. The company has gained large customer base with efficient supply chain strategy, focused customer services and has adopted a unique business model of ‘Made to Order’.
The Bengaluru-based company was founded in 2011 by Gaurav Singh Kushwaha. He is the CEO of the Bluestone.com. He has graduated in Bachelor of Technology in Computer Science from Indian Institute of Technology, Delhi in 2001.
Gaurav started his career as a software engineer in Tavant Technologies in 2002. After working for 2 years, he moved to Amazon as senior software engineer in October 2004. After a brief stint of 18 months in the company, he moved out and co-founded Chakpak.com in April 2006. He worked with the company for almost 5 years. In August 2011, Gaurav founded Bluestone.
Gaurav was joined by Vidya Nataraj in Bluestone as an investor. She has graduated in Bachelor of Science in Mathematics from the University of Warwick in 2002. Vidya went on to do her Masters of Business Administration in INSEAD in 2008.
Vidya started her career as intern – fixed income in Goldman Sachs in 2001. After a brief tenure, she joined Barclays Capital as Securitisation Analyst in 2002 – 2003. Vidya became Head of Music in Landmark Limited and worked for 4 years. In 2009, she joined Price Waterhouse as Senior Consultant.
Bluestone.com was seed funded by serial entrepreneur couple Meena Ganesh and K Ganesh. The company has vertically integrated online jewellery with its designs, production and delivery functions. They sell pendants, rings, bangles, earrings, necklaces, nose pins, chains and possess a huge collection of 25,000+ designs. Bluestone sells diamond jewellery, gold jewellery, gemstone jewellery and platinum jewellery.
Bluestone unique selling point is that same day delivery. The company claims most of the jewellery like pendants, earrings; gold jewellery, hoops, studs and other smaller items are delivered if the order is placed 12:00 PM in the day. Prices of this jewellery are constant in whichever city the purchase is made. They have operations in Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Pune and Kolkata for online purchases.
Bluestone secured funds from leading PE Investors. After receiving seed funding from Meena Ganesh and K Ganesh, the company raised Series ‘A’ funding from Accel Partners and a group of investors for $5 million in Jan 2012. They received another round of funding in 2014 from Kalaari Capital for $10 million Series ‘B’ funding.
Bluestone Series ‘B’ funding witnessed funding from Ratan Tata in his personal capacity. He joined the board of Bluestone along with Prashanth Prakash of Accel Partners and Vani Kola of Kalaari Capital in 2014 as part of the deal. The company secured INR 100 crores as Series ‘C’ funding from a group of investors led by IvyCap Ventures, Accel Partners and Dragoneer Investment Group on July 09, 2015.
Higher merchandise value, higher margins and low inventory costs make online jewellery a better prospect in the online e-commerce segment. The segment is poised for the fastest growing segment in next few years. Bluestone grew four times to INR 17 Crores against revenue of INR 4 crores last few years. The company is expecting its revenue to grow up to INR 100 crores for this fiscal year ending 2016 against INR 25 crores last fiscal ended recently.
However, online jewellery segment is witnessing a lot of funding action. Last year Caratlane.com secured Series ‘C’ funding of $15 million. This segment is witnessing a lot of competition from small time players, customers always trust their goldsmiths and jewellery shop where they have made shopping from a long time.