Exclusive: BlueStone To Raise $16.5 Mn From Innoven Capital, Others

Omnichannel jewellery startup BlueStone is looking to raise around $16.5 Mn (INR 137.7 Cr) in a mix of debt and equity. Recently, the startup’s board passed two separate resolutions to raise INR 100 Cr debt and an equity funding of INR 37.7 Cr by allotting Series G compulsory convertible cumulative preference shares (CCPS) to its investors.

While the debt would be raised from Innoven Capital, the equity capital would be raised from Ashwin Kedia, Sankar Bora, Innoven Capital India, among others. 

The startup intends to utilise the fresh funds for its business operations and expansion plans.

A query mail sent to BlueStone on the fresh fundraise didn’t elicit any response till the time of publishing this story.

The latest development comes close on the heels of BlueStone raising $9 Mn (about INR 75 Cr) in debt from venture capital firm Trifecta Capital. 

A few months ago, it was also reported that the startup was looking to raise around $65 Mn or INR 550 Cr from a bunch of investors, including Nikhil Kamath, Zomato founder Deepinder Goyal, Info Edge, and Manipal Group’s Ranjan Pai, at a valuation of INR 3,600 Cr (about $440 Mn).

 Besides this, the startup is said to be eyeing a public listing. According to a report by Economic Times, the jewellery startup plans to raise INR 2,000 Cr via its initial public offering (IPO). The IPO will comprise a fresh issue of shares as well as an offer-for-sale element, which will see existing shareholders together offloading 10-15% stake in the startup. 

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. Last year, chief operating officer Sudeep Nagar was elevated to the role of a cofounder. 

In FY23, the startup’s loss (excluding one-time loss) surged 183% to INR 167 Cr from INR 59 Cr, while operating revenue rose 67% to INR 771 Cr. 

BlueStone competes against the new-age startups like GIVA, Tata-owned CaratLane, and Melorra. 

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