Bluestone, an omnichannel jewellery retailer based in Bengaluru, is on the verge of securing approximately $100 million in a pre-IPO funding round, potentially valuing the startup at over $1 billion. This significant milestone would elevate Bluestone to the coveted unicorn club, according to sources familiar with the matter.
The pre-IPO round signifies a substantial leap from Bluestone’s previous valuation of approximately $450 million in September 2023. At that time, the company secured $65 million in funding from investors, including prominent figures like Zomato founder Deepinder Goyal and Zerodha’s Nikhil Kamath.
The growing interest in Bluestone’s pre-IPO round stems from the success of Tata Group’s CaratLane deal, where Titan acquired the founder’s stake last year. Bluestone, currently the second-largest omnichannel jewellery retailer after CaratLane, has set sights on achieving profitability by March 2025, as indicated to both public and private market investors in recent discussions.
Multiple investors have expressed interest in leading the new funding round, with some bids surpassing the $1 billion mark. The company anticipates finalizing the details of the round in the coming weeks, which may also involve early investors divesting a portion of their holdings.
Bluestone’s expansion strategy includes a robust offline retail presence, with approximately 200 stores nationwide, and plans to scale up to 500-600 stores in the coming years. This offline expansion complements its online sales efforts and contributes to building brand credibility, ultimately driving sales across channels.
In fiscal year 2023, Bluestone reported operating revenue of Rs 788 crore, marking a significant increase from Rs 476 crore the previous year. Despite substantial growth, the company managed to reduce its losses to Rs 167 crore from Rs 1,268 crore, attributed in part to an accounting change. The company’s robust performance positions it as a strong contender in the competitive jewellery market, both online and offline.
Bluestone’s imminent entry into the unicorn club underscores the growing prominence of Indian startups in the global investment landscape, particularly in sectors like e-commerce and retail. With its pre-IPO funding round, Bluestone is poised to accelerate its growth trajectory and solidify its position as a leader in the jewellery retail industry.
