BlueStone set to raise fresh funds from Temasek: Report

Online jewellery retailer Bluestone is in advanced talks to raise fresh funds from Temasek, Singapore's state investment firm. Talks have reached the last stages and the deal could be closed in a few weeks, according to a report by Deal Street Asia.

A query sent to BlueStone did not elicit any response until the publishing of this story.

The Mumbai-based jewellery seller has plans to open 100 more stores across the country in FY23. It is also aggressively building its manufacturing capacity and invested $3 million to open a manufacturing unit in Jaipur, last year.

Started in 2011 by Gaurav Singh Khushwaha, who earlier ran Chakpak, BlueStone sells gold, diamond, and pearl jewellery across digital and offline stores. Accel Partners and Saama Capital were the firm's initial backers; others, including Kalaari Capital, IIFL Holdings, and IvyCap Ventures, joined in later. Ratan Tata is also one of BlueStone's backers.

The platform currently competes with Lightbox-backed Melorra; GIVA, which is backed by A91 Partners; and Tiger Global-backed CaratLane, which was later acquired by Tata Group-owned Titan.