The startup intends to utilise the capital for its business operations and to fund its expansion plans
Recently, it was reported that BlueStone was looking to raise around $65 Mn from investors, including Nikhil Kamath, at a valuation of $440 Mn
The omnichannel jewellery startup is looking to go public and plans to raise about INR 2,000 Cr via its initial public offering
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Omnichannel jewellery startup BlueStone is raising $9 Mn (about INR 75 Cr) in debt from venture capital firm Trifecta Capital. Last month, the Bengaluru-based startup’s board of directors passed a resolution to allot ‘Series X1 Debentures’ to Trifecta Venture Debt Fund-III for the aforementioned amount.
The startup intends to utilise the capital for its business operations and to fund its expansion plans.
The development comes months after it was 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 or around $440 Mn.
As per an ET report, the startup is looking to go public and 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, the startup also elevated its chief operating officer Sudeep Nagar to the role of a cofounder.
In March 2022, BlueStone raised $30 Mn in a funding round led by Hero Enterprises’ Sunil Kant Munjal.
The startup’s net loss, excluding one-time expenses, surged 183% to INR 167 Cr in FY23 from INR 59 Cr in FY22. Operating revenue increased 67% to INR 771 Cr from INR 461 Cr in FY22.
BlueStone competes against the likes of CaratLane, Melorra, and GIVA in the startup ecosystem.
Among its competitors, Tata Group’s Titan acquired the remaining 27% stake in Caratlane for a sum of INR 4,621 Cr last year. Meanwhile, GIVA bagged $33 Mn in its Series B funding round led by Premji Invest in July 2023.
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