Online jewellery retailer Bluestone, a four-year old start up based in Bengaluru has recieved $ 16 million in its third round of funding from investors, according to media reports. The new investment is reported to have been made by existing investor Accel Partners, as well as two new entrants, IvyCap Ventures and Dragoneer.

During the first two rounfs, the company had raised $15 million, while subsequently Ratan Tata too put money into the venture.

Bluestone has a spectrum of services from manufacturing to e-tailing, and offers just-in-time delivery within three-four days of an order being placed. The company, which has a catalogue of 70,000+ pieces, was founded by current CEO Gaurav Kushwaha and Vidya Nataraj and received early support from well known investors K Ganesh and Meena Ganesh.

Earlier media reports have suggested that Bluestone hopes to become profitable in the next two years.