BlueStone.com raises $5 million funding from Accel Partners & Meena Ganesh

BlueStone.com, an online store that sells jewellery and accessories, has raised an initial investment of $5 million from VC firm Accel Partners including serial entrepreneur Meena Ganesh, CEO & MD of Pearson Education Services. However, the detail of the deal has not been disclosed so far.

BlueStone is founded by Vidya Nataraj and Gaurav Kushwaha. Vidya comes from family that owns Landmark Ltd (a books and lifestyle pan-India retail chain later acquired by TATA Trent). On the other hand Gaurav was a co-founder & CEO of Chakpak.com, whoes DIgital Content was recently acquired by Flipkart.

Currently bluestone.com offers latest jewellery such as pendants, ear rings, rings including others. It aims to give a new dimension to jewellery shopping, catering to the trendy and evolved Indian consumer by providing access to a large variety of carefully selected international designs by jewellery experts amalgamated with excellent craftsmanship.

Speaking about the allocation of the funds Natrajan said, “We will be using the funds to ram up our website, offering, building a design library, supply chain, operations primarily including user experience (UI)”. Apart from these, a significant portion of fund would be allocated for marketing which will be focused on digital, print and social media, however Bluestone will not go for TV commercials.

While Bluestone is not looking for any category expansion in the near future, however, Natrajan hinted that Bluestone may think of to add other accessories specific category like watches.

 

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  • http://www.indiacod.com Indrajit Dutta

    Well the company has actually gone for TV ads now. seeing the business model and the fate of 99labels.com, i m not too sure how successful this venture would be.

    Online jewellary buying surely is gaining traction. but there would always be a big mind block. buying it after seeing it always makes more sense. that is different from buying a memory card or a mobile cover.

    would like to see where the company stands after one year