Ratan Tata-backed BlueStone.com raises Rs.100 Crore

Ratan Tata-backed online jewellery portal BlueStone.com said on Thursday that it has raised third round venture capital funding worth Rs.100 crore.

Accel Partners, IVY Capital and Dragoneer led the funding advised by Avendus Capital with participation from Kalaari Capital and Saama Capital as well, BlueStone.com said in a statement.

“We decided to invest in the BlueStone team because we believe in the team due to their strong pedigree of IIT and IIMs,” said Vikram Gupta, managing partner at IvyCap Ventures.

BlueStone.com’s annual revenue is in the range of Rs.80-100 crore while the company grew by 150 percent year-on-year, the statement said.

“Consumers are far more comfortable buying jewellery online today, than a year back. I am confident about achieving over 200 percent growth every year for the next two to three years,” said BlueStone.com co-founder and CEO Gaurav Singh Kushwaha.

The jewellery e-tailer has 250 employees, and is planning to add 150 more at various levels in the next six months, the statement said. (IANS)