Bluestone, an omnichannel jewelry retailer, has raised Rs 100 crore ($12 million) in debt from Neo Markets. This marks the third debt investment for the Bengaluru-based company this year. Bluestone’s board approved a special resolution to issue 10,000 debentures at Rs 1,00,000 each, as revealed by regulatory filings sourced from the Registrar of Companies.
This development comes as Bluestone, backed by Peak XV, aims to raise $100 million in its pre-IPO funding round. The pre-IPO round is expected to consist of a mix of primary and secondary transactions, allowing early investors to exit with significant returns. To date, Bluestone has raised approximately $190 million, including $66 million from Ranjan Pai and others in September last year.
According to TheKredible, a startup data intelligence platform, Accel is Bluestone’s largest stakeholder with 21.2%, followed by Kalari Capital at 12.35%. Founded in 2011 by Gaurav Singh Kushwaha, Bluestone offers an extensive jewelry collection for both men and women through its website and over 190 offline stores across 75 cities.
In FY23, Bluestone achieved 65% year-on-year growth, with revenue reaching Rs 787 crore while reducing losses by 87% to Rs 167 crore. The company has yet to file its annual results for FY24. Bluestone competes directly with Melorra, Giva, and CaratLane. Titan, which owned 99.64% of CaratLane, recently announced it will acquire the remaining 0.36% stake for Rs 60.08 crore ($7.2 million).
