Bluestone Snags INR 900 Cr From Peak XV, Prosus, Others In Pre-IPO Funding

Omnichannel jewellery brand Bluestone has reportedly completed an INR 900 Cr funding round that catapulted its valuation to $970 Mn. 

The pre-IPO round saw participation from Peak XV Partners, Prosus, Steadview Capital, Think Investments and Pratithi Investments through a primary and secondary share sale, ET reported.

“Of the total funding round, INR 600 Cr is in primary capital infusion while the rest is in secondary share sale. Prosus has put in about INR 350 Cr while Peak and Steadview have invested over INR 200 Cr each,” sources told ET.

Bluestone is expected to file the draft red herring prospectus for its initial public offering (IPO) with the stock market regulator later this year.

Further, the report added that Bluestone wants to go public as soon as possible and has been working on the matter for past quarters, interacting with public market investors.

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. In 2022, the startup elevated its chief operating officer Sudeep Nagar as the cofounder.

Earlier, it was reported that the Accel-backed firm was in negotiations to secure an investment of approximately INR 830 Cr ($100 Mn) from Peak XV Partners, Steadview Capital, and Think Investments, with Peak XV expected to invest around INR 415 Cr ($50 Mn) in Bluestone.

Prior to that, Bluestone was looking to raise $16.5 Mn in a mix of equity and debt from investors such as Innoven Capital, Ashwin Kedia, Sankar Bora, among others. Prior to this, Bluestone was planning to secure $9 Mn in debt funding from Trifecta Capital.

Meanwhile, the company reported a 1.6X jump in revenue from its operations in FY23 to INR 770.7 Cr, as compared to INR 461.3 Cr in the previous fiscal year. The startup’s loss plunged 86% to INR 167.2 Cr from INR 1,268.4 Cr in FY22.