BlueStone DRHP: A Look At The Shareholding Pattern & Key Leaders

Omnichannel jewellery company BlueStone filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) earlier this week. 

The company plans to raise over INR 1,000 Cr through its public issue, which includes a fresh issue of INR 1,000 Cr and an offer-for-sale (OFS) component of up to 2.40 Cr equity shares.

From the fresh issue proceeds, INR 750 Cr will be allocated to meet working capital requirements, while the remaining INR 250 Cr will be used for general corporate purposes, including setting up new stores, repayment or prepayment of loans, pursuing strategic initiatives, and exploring partnerships and joint ventures, among others.

In the OFS, investors like Accel and Kalaari Capital will divest their stakes. Kalaari plans to sell up to 79.78 Lakh shares via two funds, while Saama Capital will offload 41 Lakh shares. IvyCap Ventures intends to sell 31.26 Lakh shares, Accel India will divest 30.27 Lakh shares, and Iron Pillar will offload 17.53 Lakh shares.

Additionally, Hero Enterprise chairman Sunil Kant Munjal will sell 40 Lakh shares as part of the OFS.

BlueStone’s net loss declined 15% year-on-year (YoY) to INR 142.2 Cr in the financial year 2023-24 (FY24), while operating revenue jumped 64% to INR 1,265.8 Cr.

The company also disclosed its financial performance for the first three months of FY25 (Q1 FY25). It reported a net loss of INR 52.22 Cr in Q1 FY25 on an operating revenue of INR 359.19 Cr. Total expenses for the quarter ending June 2024 stood at INR 418.14 Cr.

Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone is an omnichannel jewellery company that offers more than 8,000 designs across rings, pendants, earrings and other products.

It competes with the likes of CaratLane, GIVA, and other legacy jewellery brands.

In June, BlueStone raised INR 100 Cr in debt funding from Neo Markets. 

The DRHP filing came against the backdrop of a growing number of Indian startups either gearing up for or making their market debut in recent times. So far this year, 12 new-age tech companies like Go Digit General Insurance, FirstCry, Unicommerce, TBO Tek, Ola Electric, Awfis, ixigo, Menhood, TAC Security, Trust Fintech, Swiggy and BlackBuck listed on the exchanges. MobiKwik is scheduled to list on the bourses next week.

BlueStone’s DRHP also shed light on its shareholding pattern and the key executives.

Decoding BlueStone’s Cap Table

Accel India is the largest shareholder in BlueStone, holding a 12.25% stake in the company on a fully diluted basis. Kushwaha, the founder and CEO of BlueStone, is the second-largest shareholder with a 17.81% stake.

360 ONE Asset owns a 6.27% stake, while Kalaari Capital Partners holds 5.81%. Sunil Kant Munjal, chairman of Hero Enterprise, owns 5.65% of the company.

MIH Investments One B.V. holds a 4.43% stake, followed by Iron Pillar at 4%. Peak XV Partners owns 2.96%, while both IE Venture and Saama Capital hold an equal stake of 2.99% each. IvyCap Ventures Trust has a 2.28% stake. 

NKSquared, founded by Zerodha’s Nikhal Kamath, also holds a 1.21% stake in the company. 

Board Members

Gaurav Singh Kushwaha

Kushwaha is the chairman, managing director and chief executive officer of BlueStone. He holds a bachelor’s degree in technology, specialising in computer science and engineering, from the Indian Institute of Technology, Delhi. He was previously associated with Tavant Technologies (India) Private Limited, Amazon Development Centre (India) Private Limited, and Chakpak Media Private Limited.

Prashanth Prakash

Prashanth Prakash is a non-executive nominee director of BlueStone. He holds a bachelor’s degree in engineering, specialising in computer science and technology from Bangalore University. He also holds a master’s degree in science from the University of Delaware, and an honorary doctorate of science from the University of Mysore. He has been associated with Accel India Management LLP since August 2008.

Sameer Dileep Nath

Sameer Dileep Nath is a non-executive nominee director of BlueStone. He holds a bachelor’s degree in arts, specialising in political science, from Middlebury College, and a master’s degree in business administration from the University of Chicago. He has over seven years of experience in venture capital funding and was previously associated with IP Ventures Advisors Private Limited and TrueScale Venture Capital LLP.

Rajesh Kumar Dahiya

Rajesh Kumar Dahiya is an independent director of BlueStone. He holds a bachelor’s degree in engineering, specialising in civil engineering, from Bangalore University, and a master’s degree in personnel management and industrial relations from Panjab University. He has experience in human resources and operational distribution and was previously associated with Rallis India Limited, Tata Services Limited, Tata Tea Limited, and Axis Bank Limited.

Rohit Bhasin

Rohit Bhasin is also an independent director. He holds a bachelor’s degree in commerce from Delhi University and is a qualified chartered accountant from the Institute of Chartered Accountants of India. He was previously associated with Standard Chartered Bank in its merchant banking division and PricewaterhouseCoopers Private Limited.

Neha

Neha is an independent director of BlueStone. She holds a postgraduate diploma in business management from Fore School of Management, New Delhi. She was previously associated with FCB-ULKA Advertising Private Limited and Living Media India Limited.

Key Leaders At BlueStone 

Rumit Dugar

Rumit Dugar is the chief financial officer of BlueStone. He has been associated with the company since May 2, 2022. Dugar has over 16 years of experience in technology consulting, fintech, and equities. He previously worked at organisations like JP Morgan India Private Limited, Infosys Technologies Limited, Alchemy Shares & Stock Brokers Private Limited, Religare Capital Markets Limited, IDFC Securities Limited, and Niyogin Fintech Limited.

Jasmeet Kaur Saluja

Jasmeet Kaur Saluja is the company secretary and compliance officer of BlueStone. She has been associated with the company since March 19, 2024. Saluja has significant expertise in corporate legal compliance and company secretarial functions. She was previously associated with Draeger India Private Limited as a company secretary and also worked at Algo Legal and Rathi & Associates.

Sudeep Nagar

Sudeep Nagar is the chief operating officer of BlueStone. He has been associated with the company since December 11, 2012. Nagar has extensive experience in operational management and strategic leadership. He was previously associated with HCL Technologies Limited, Computer Sciences Corporation India Private Limited, and the Lodha Group of Companies.

Vipin Sharma

Vipin Sharma is the chief merchandising officer of BlueStone. He has been associated with the company since October 13, 2021. Sharma has over 19 years of experience in the luxury goods and jewellery industry. He previously worked with Titan Watches Provident Fund, OyzterBay Private Limited, Clarity Gold Mint Limited, Wincor-Nixdorf India Private Limited, World Gold Council, and Luxury Products Trendsetter Private Limited.

Mikhil Raj

Mikhil Raj is the chief product officer of the IPO-bound company. He has been associated with the company since April 10, 2024. Raj has a strong background in product management and artificial intelligence. He was previously associated with Urbanclap Technologies , ZestMoney, and Krutim SI Designs.

Harshit Kulin Desai

Harshit Kulin Desai is the chief manufacturing officer of BlueStone. He has been associated with the company since June 1, 2024. Desai has over 14 years of experience in manufacturing operations, technical, and production roles within the FMCG industry. He was previously associated with Galaxy Surfactants Limited and ITC Limited.

Tarun Rajput

Tarun Rajput is the head of engineering at the jewellery company. He has been associated with the company since October 21, 2014. Rajput has a robust background in engineering and technology leadership. He was previously associated with Cisco Video Technologies India as a technical leader.

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