BlueStone, the Bengaluru based online jewellery start-up in which Ratan Tata is an investor, has raised R200 crore in fresh funding led by IIFL and Accel which also saw the participation of other investors such as Kalaari Capital, RB Investments and IvyCap Ventures.
According to BlueStone, the Rs 200 crore fund will enable the company to grow the category and strengthen its leadership position. This development comes in the wake of Titan acquiring a 62% stake in Tiger Global funded jewllery start-up Caratlane for Rs 357 crore.
Established in 2011, BlueStone has received a total funding amounting to $60 million so far. The other key investors in Blue Stone are Ratan Tata, Dragoneer Investment Group, Saama Capital and serial investor Meena Ganesh.
The Indian precious jewellery market which is currently valued at $60 billion is projected to cross the $110 billion mark in the next five years with online contribution estimated to be in the $2–3 billion range, according to BlueStone.