IIFL leads $30m round for India's BlueStone

Existing investors Kalaari Capital, Accel Partners and IvyCap Ventures also participated in the round, according to an Economic Times story linked from BlueStone's Twitter account. The new capital will be used to set up a manufacturing unit outside of Mumbai, in addition to the two it already operates in the area.

BlueStone started as a pure retailer in 2011, but now claims to design and build all of its products in-house. It is one of several start-ups to manufacture and sell its own jewelry designs online; its main competitor, Tiger Global-backed Caratlane, was recently sold to jeweler and watchmaker Titan for INR3.6 billion.

India's online jewelry industry has been helped by recent government initiatives to improve labeling standards in gold jewelry. Previously customers tended to buy in person from retailers with whom they had an established relationship and a high level of trust.

Accel and IvyCap, along with Dragoneer Investments, led a $16 million round for BlueStone last year. That followed a $10 million Series B round from Kalaari, Accel and Saama Capital in 2014 and a $5 million Series A round from Accel and Saama in 2012.

Accel closed its latest India fund last year at $305 million. It provides seed and early-stage funding to companies focused on the technology, telecommunications, consumer products and services, and medical sectors.

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• Topics
• South Asia
• Consumer
• Expansion
• India
• Venture
• IIFL Wealth Managment
• Kalaari Capital
• Accel Partners