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India’s Bluestone Raises $30M to Fund Expansion
Jul 21, 2016 5:37 AM
By Rapaport News
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 RAPAPORT... Bluestone closed a $30 million (INR 2 billion) round of fundraising to strengthen its position in India’s online jewelry market.
The funds will be used to expand the company's design and manufacturing capacity, and for marketing initiatives. India’s jewelry market is expected to grow from $60 billion currently to $110 billion in the next five years, with online sales projected to increase to $2 billion to $3 billion, according to Bluestone.
The company is targeting a four-fold increase in revenue to $149 million (INR 10 billion) by 2018, Gaurav Singh Kushwaha, Bluestone’s chief executive officer, said.
IIFL and Accel along with Kalaari Capital, RB Investments and IvyCap Ventures led Bluestone’s financing.
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Tags:
bluestone, diamonds, India, Jewelry, Rapaport News
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