Accel, Dragoneer, IvyCap lead $16m round for online jeweler BlueStone
Indian online jewelry retailer BlueStone has raised INR100 million ($16 million) from a group of investors led by Accel Partners, IvyCap Ventures and Dragoneer Investments.
Existing investors Kalaari Capital and Saama Capital also participated in the funding round, according to an Economic Times story linked by BlueStone's Twitter account. The company will use the funds to improve its marketing efforts and to improve the user experience on the mobile and desktop applications.
BlueStone began by sourcing merchandise from third-party manufacturers, but now claims to design and build all of its products in-house. It also offers customized wedding jewelry designed to match the bride's trousseau and a live chat feature that allows customers to speak with designers directly.
India's online jeweler sector 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.
BlueStone raised a $5 million Series A round in 2012 from Accel and Saama, and a further $10 million last year from Kalaari, Accel and Saama. Its principal competitor Caratlane raised a $31 million Series D round from Tiger Global earlier this year, bringing its total amount raised to more than $50 million.
Accel closed its latest India fund earlier this 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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