Omni Channel Jewellery Seller Bluestone announced today that it has raised $30 million in funding at a valuation of $410 million from Sunil Kant Munjal, Chairman, Hero Enterprise. The company plans to open 300 new stores by 2024.
The fresh funds will also help to increase its manufacturing capabilities and also expand their store presence across India. Gaurav Singh Kushwaha, Founder and Chief Executive Officer (CEO), Bluestone said.
Gaurav added, “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 omni-channel approach.”
The Bengaluru-based omnichannel precious jewellery brand has currently expanded to 70 stores from 19 in March 2020. “The pandemic did slow down this growth but we kept opening stores as and when the lockdowns restrictions were relaxed,” says Gaurav.
Bluestone aims to open 100 more stores in the next fiscal year
“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 in a release shared by the company.
Bluestone aims to open 100 more stores in the next fiscal year, aiming to have 300 stores by 2024.
Sunil Kant Munjal has been an active backer of multiple startups. He invested in Nykaa in its initial stages, which turned out to be an extremely successful bet when the beauty and personal care giant got listed in 2021.