Zerodha’s Nikhil Kamath to Invest INR 100 Crore Into Digital-First Jewellery Brand Bluestone
Digital-first jewellery brand Bluestone is all set to raise INR 100 crore from Zerodha co-founder Nikhil Kamath. This investment from Kamath comes as part of an INR 550 crore funding round that the online jewellery brand is set to close.
Several notable participants in this round include CarDekho founder & CEO Amit Jain, Zomato founder and chief executive Deepinder Goyal, and financial services firm IIFL.
The funding exercise also saw participation from Ranjan Pai, chairman of Manipal Group, and Info Edge Ventures, contributing around Rs 100 crore each.
The Bengaluru-based jewellery brand, with the newly raised fund, would be valued at INR 3,600 crore ($440 million).
BlueStone | Omnichannel Jewellery Brand
Established by Gaurav Singh Kushwaha in 2011, Bluestone is a digital-first jewellery brand that offers 100% certified jewellery designs that come with Lifetime Exchange and Buyback and range across gold, platinum, diamonds, and gemstones.
In the past 18 months, the digital-first jewellry brand has turned around its operations by emphasizing establishing an offline presence. Since launching its first store in 2018, Bluestone has scaled to 150+ stores across the country.
Jewellery Segment Getting Competitive
The investment in Bluestone has come a month after Tata Group’s Titan acquired a stake in CaratLane, a rival of Bluestone. The round valued CaratLane at approximately $2 billion. Earlier, the Bengaluru-based omnichannel jewellery brand raised $30 million from the family office of Sunil Kant Munjal of the Hero Group, which valued the firm at $378 million.
In March 2023, Indiejewel Fashions Pvt Ltd, which operates consumer silver-jewellery focused startup Giva, raised debt funding of Rs 40 crore (around $4.9 million) for driving channel expansion and further expanding its range of exquisitely crafted jewellery products.
Similar to Bluestone, the silver-jewellery focused startup follows an omnichannel approach and has more than 50 offline touchpoints currently. Giva aims to reach 200 offline touchpoints by 2023 end and achieve revenues of Rs 350 crore in FY24.
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