BlueStone Eyeing INR 2,100 Cr IPO By Q2 2025

SUMMARY

BlueStone is likely to raise up to INR 2,100 Cr through its IPO at an estimated valuation of $1.5 Bn

The omnichannel jewellery startup has roped in investment bankers Axis Capital, IIFL Securities, among others to help with its public issue

The development comes days after BlueStone raised INR 900 Cr in a pre-IPO funding round, which nearly catapulted the startup to the unicorn club

As the Indian IPO boom continues, with new-age tech startups including the likes of Swiggy, Ather Energy and BlackBuck making a beeline to list on the bourses, now, omnichannel jewellery startup Bluestone is also gearing up to join the race.

As per Mint, BlueStone is preparing to go public by the second quarter of next year. The Prosus-backed startup is likely to raise $200-250 Mn (about INR 1,681-2,100 Cr) through its IPO at an estimated valuation of $1-1.5 Bn.

The Gaurav Singh Kushwaha- and Vidya Nataraj-led company is expected to file its draft red herring prospectus (DRHP) with market regulator SEBI later this year, and has reportedly roped in investment bankers Axis Capital, IIFL Securities and Kotak Mahindra Capital to help with its public issue.

Inc42’s queries to BlueStone did not elicit any response till the time of publishing this story.

If BlueStone’s public listing plan materialises, it will be the first IPO by an Indian new-age jewellery startup.

The development comes against the backdrop of reports that BlueStone raised INR 900 Cr in a pre-IPO funding round from the likes of Peak XV Partners, Prosus and Steadview Capital in August, which nearly catapulted the startup to the unicorn club.

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

The startup owns some of its retail stores and operates the rest via a franchise model. It claims to have over 200 retail stores spread across the country.

BlueStone competes with the likes of CaratLane, GIVA, Melorra, and other legacy jewellery brands. In June, the startup raised INR 100 Cr in debt funding from Neo Markets.

Overall, BlueStone has raised a total funding of over $200 Mn till date. It counts the likes of Accel, Kalaari Capital, Ratan Tata, Deepinder Goyal, and Nikhil Kamath among its backers.

BlueStone saw its net loss shrinking by 15% year-on-year (YoY) to INR 142.2 Cr in the financial year 2023-24 (FY24) from INR 167.2 Cr in FY23. BlueStone’s operating revenue surged over 64% YoY to INR 1,265.8 Cr in FY24.

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