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Kalaari leads $10m round for Indian online jeweler

  • Andrew Woodman
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Kalaari Capital has led a $10 million round of funding for India-based online jeweler Bluestone.com. Existing investors Accel Partners and Saama Capital also took part in the round.

Founded in 2011, Bluestone sells a range of jewelry including earrings, rings, pendants, bangles and bracelets. The firm previously sourced merchandise from third-party manufacturers but has now started making on its own.

Bluestone claims to have generated sales of INR400 million ($6.5 million) for the current financial year and hopes to double that next year. The start-up is also planning to open a physical store and recently launched a "wedding bespoke" service that allows users to design and customize their wedding jewelry.

This is Bluestone's second institutional round. It previously raised $5 million in Series A funding from Accel and Saama in 2012.

"A significant portion of the funds would be appropriated towards marketing and establishing BlueStone as the leading online jewellery store in the next 2 years," Gaurav Singh Kushwaha, the company's founder and CEO, said in a statement.

This is Kalaari's second investment of 2014. Last month, it invested $133.77 in online marketplace Snapdeal, alongside other backers including Saama.

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