IPO-Bound Bluestone Raises $12 Mn Debt From Neo Markets

Bluestone Eyeing INR 2,100 Cr IPO By Q2 2025

SUMMARY

Bluestone secures INR 100 Cr ($12 Mn) debt from Neo Markets, in talks for INR 830 Cr ($100 Mn) pre-IPO round.

Potential valuation could reach INR 7,500 Cr ($900 Mn), more than doubling its 2023 valuation.

Company reported 65% revenue growth in FY23, aims for profitability by 2025 and plans INR 2,000 Cr IPO.

Omnichannel jewellery brand Bluestone has raised INR 100 Cr ($12 Mn) in debt from Neo Markets.

As per filing with the Registrar of Companies (ROC), accessed by Inc42, the company’s board approved issuing 10,000 debentures at INR 1,00,000 each.

Entrackr was the first to report the development.

This debt funding comes as Bluestone prepares for a larger pre-IPO round. As per ET’s report, Bluestone is in negotiations to secure an investment of approximately INR 830 Cr ($100 Mn) from Peak XV Partners, Steadview Capital and Think Investments.

The company plans a combination of share sales by early investors and fresh capital infusion, which is anticipated to value the omnichannel retailer at around INR 7,500 Cr ($900 Mn) pre-money. Peak XV is set to invest around INR 415 Cr ($50 Mn) in Bluestone.

Bluestone has raised about $190 Mn to date. Accel holds a 21.2% stake, while Kalaari Capital owns 12.35%. Other investors include Ratan Tata, Deepinder Goyal, and Nikhil Kamath.

Founded in 2011, Bluestone sells jewellery online and through 190 stores across 75 cities. In FY23, the company’s revenue grew 65% to INR 787 Cr. Losses decreased by 87% to INR 167 Cr.

The company’s growth comes amid a broader expansion of India’s jewellery market. Bluestone competes with Melorra, Giva, and CaratLane in India’s jewellery market, which generated $77 billion in revenue in 2023.

The company plans to go public, aiming to raise INR 2,000 Cr through its IPO. Bluestone targets profitability by March 2025.

This secured debt funding and the upcoming pre-IPO round will help Bluestone expand its operations and prepare for its public listing. The investment interest suggests confidence in the company’s growth potential in the online jewellery market.

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