IPO-Bound BlueStone Eyes Unicorn Tag With Fresh Funding

IPO-bound jewellery platform Bluestone is looking to raise fresh capital at a unicorn valuation of INR 11,500 Cr (around $1.15 Bn).

As per a document accessed by Inc42, BlueStone is inviting investors to infuse pre-IPO capital in the company, which will boost the company’s valuation to more than $1 Bn. Besides, the company is aiming for an IPO valuation of INR 13,000 Cr. 

The document further shows that BlueStone is offering this entry point to investors at 13% discount from its IPO valuation. 

Inc42 has reached out to BlueStone for comments. The story will be updated based on the response.

Furthermore, BlueStone is expecting a 38% jump in its total revenue in FY25 to INR 1,800 Cr.

An ET report, citing sources, said that BlueStone’s existing backers 360 One and Centrum Wealth are looking to sell their stakes. The company is eyeing to raise INR 300 – 350 Cr in the fresh funding round.

It is pertinent to note that last year, BlueStone bagged INR 900 Cr which boosted its valuation to $970 Mn. The round saw participation from a clutch of investors including  Peak XV Partners, Prosus, Steadview Capital, Think Investments and Pratithi Investments.

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.

The company filed a draft red herring prospectus (DRHP) for its INR 1,000 Cr IPO with the market regulator SEBI in December 2024. It got SEBI’s nod in April.

BlueStone’s IPO comprises a fresh issue of shares worth up to INR 1,000 Cr and an OFS component of 2.4 Cr equity shares.

BlueStone’s Market Positioning 

BlueStone offers a wide range of jewellery in diverse materials including gold, diamond, silver, platinum and gemstones. The company, which competes with the likes of CaratLane, GIVA and Candere, claims to be leading India’s studded jewellery segment. 

The company claims to have more than 200 offline stores across 80 cities in India. Besides, the document reveals that BlueStone’s average order value rose at a compound annual growth rate (CAGR) of 22% to INR 41,205 in FY24 from INR 27,905 in FY22.

Furthermore, BlueStone’s market share rose to 28% in calendar year 2023, from 22% in 2021.

On the financial front, the company managed to narrow its loss by almost 15% year-on-year (YoY) to INR 142.2 Cr in FY24. Meanwhile, BlueStone’s operating revenue surged over 64% YoY to INR 1,265.8 Cr in FY24.

Last month, the company also raised a debt of INR 40 Cr from BlackSoil and Caspian Impact Investments.