Bluestone to secure Rs 550 cr funding, Nikhil Kamath to invest Rs 100 cr: Report

  • IANS
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Bluestone to secure Rs 550 cr funding, Nikhil Kamath to invest Rs 100 cr: Report

New Delhi, Sep 23 (IANS) Bluestone, India's leading omnichannel jewellery retailer, is set to secure Rs 550 crore ($65 million) funding, with Zerodha co-founder Nikhil Kamath contributing Rs 100 crore, media reports said on Saturday.According to the reports, Gaurav Singh Kushwaha, founder and CEO of Bluestone, confirmed the development, saying the company was in the final stages of securing a funding round worth $65 million, valuing the company at around Rs 3,600 crore ($440 million).

The funding round includes participation from Zomato (NS: ZOMT ) founder and chief executive Deepinder Goyal and CEO Amit Jain, and financial services firm IIFL.

Moreover, the reports mentioned that Ranjan Pai, the chairman of Manipal Group, and Info Edge (NS: INED ) Ventures are each contributing around Rs 100 crore in this funding round, with additional participation from existing investors.

Bluestone has raised new funding after Tata Group's Titan (NS: TITN ) bought a stake in CaratLane, a rival omnichannel retailer founded by Mithun Sacheti, valuing the company at approximately $2 billion.

Bluestone previously raised $30 million from Sunil Kant Munjal's Hero Group family office, valuing the company at $378 million, the reports said,

Founded in 2011, Bluestone was an early entrant in the vertical e-commerce sector, but in the last 18 months, it has turned around its operations by focusing on establishing an offline presence.

--IANS

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