Zerodha Co-founder Nikhil Kamath to Infuse INR 100 crore into Bluestone The other notable participants in this investment include Zomato founder and chief executive Deepinder Goyal, CarDekho founder & CEO Amit Jain, and financial services firm IIFL.
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Zerodha co-founder Nikhil Kamath will be infusing INR 100 crore into online jewellery brand Bluestone. The investment comes as part of INR 550 crore fund raising that the Bengaluru-based company is set to close.
The other notable participants in this investment include Zomato founder and chief executive Deepinder Goyal, CarDekho founder & CEO Amit Jain, and financial services firm IIFL.
Ranjan Pai, chairman of Manipal Group, and Info Edge Ventures are also involved in the funding round, contributing around Rs 100 crore each. With the new fund, the company would be valued at INR 3,600 crore ($440 million).
Bluestone earlier raised $30 million from the family office of Sunil Kant Munjal of the Hero Group, which valued the company at $378 million. The latest round of financing for Bluestone comes after Tata Group's Titan acquired the stake of Mithun Sacheti, the founder of CaratLane, a rival omnichannel retailer, valuing the company at approximately $2 billion.
Established in 2011 by Gaurav Singh Kushwaha, Bluestone is one of the early entrants in the vertical ecommerce sector but in the past 18 months, it has turned around its operations by laying emphasis on establishing an offline presence. It's first store was launched in 2018. Since then, it has scaled to 150+ stores across the country.