Hero Enterprise invests $30 million in BlueStone
- ByStartupStory | March 15, 2022
Sunil Kant Munjal, Chairman of Hero Enterprise, has invested $30 million in Bluestone, an omni-channel jewellery retailer with a $410 million valuation.
Sunil Kant Munjal has been a strong supporter of a number of companies. He made an early investment in Nykaa, which proved to be a wise decision when the beauty and personal care behemoth went public in 2021.
BlueStone plans to use the funding to develop its manufacturing capabilities as well as its retail presence in India. From 19 locations in March 2020, the Bengaluru-based omnichannel precious jewellery firm has grown to 70 stores.
Bluestone plans to add 100 more stores in the coming fiscal year, to reach 300 by 2024. Due to increased self-confidence and people’s desire to look and exhibit themselves better, Hero Enterprise believes that the jewellery business in India is primed for exponential expansion. BlueStone has had a remarkable ten-year journey, and they have unlocked the code on the industry’s online-offline dynamics.
Bluestone Bluestone is an online jewellery retailer with a physical presence, launched in 2011 by Gaurav Singh Kushwaha, who previously founded Chakpak.com, and Vidya Nataraj, a former consultant. Kalaari Capital in Bengaluru, Ratan Tata, Accel, and Mumbai-based Ivy Capital were among the first investors in the company.
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