Jewellery retailer Bluestone has successfully raised ₹900 crore in a pre-IPO round, significantly boosting its valuation to ₹8,100 crore ($970 million).
The Accel-backed firm plans to file its draft red herring prospectus with the stock market regulator later this year, setting the stage for an upcoming ₹2,000 crore IPO, according to sources familiar with the development.
Peak XV Partners, Prosus, Steadview Capital, Think Investments, and Pratithi Investments (the family office of Infosys co-founder Kris Gopalakrishnan) participated in the round, which included both primary and secondary share sales.
Of the total ₹900 crore raised, ₹600 crore is primary capital, while the remaining ₹300 crore came from a secondary sale. Prosus contributed approximately ₹350 crore, while Peak XV and Steadview invested over ₹200 crore each.
Early investor Kalaari Capital made a partial exit, selling nearly half of its stake for ₹300 crore. Kalaari, which held a 12.3% stake as of the last funding round, was among several venture capital firms to benefit from this round.
Other investors include Iron Pillar, Saama Capital, RB Investments, IvyCap, and InfoEdge Ventures, collectively holding 20% of the company. Founders Gaurav Singh Kushwaha and Ganesh Krishnan retain close to 14% ownership.
The round aimed to set Bluestone’s pre-IPO pricing, as the company intensifies its efforts to go public. “They want to go public as soon as possible and have been working on the matter for past quarters, interacting with public market investors,” a source commented.
Bluestone’s aggressive expansion plans are bolstered by the recent funding. The company, which operates around 220 offline stores, plans to expand this number to 400 within the next 12-18 months. Bluestone’s growth trajectory is further supported by its strong financial performance.
For FY24, the company is estimated to have generated ₹1,200 crore in revenue and ₹3 crore in EBITDA. Bluestone had previously reported ₹788 crore in operating revenue for FY23, a 65% increase from ₹477 crore the year prior, while reducing its losses to ₹167 crore from ₹1,268 crore in FY22.
With heightened investor interest following Titan’s acquisition of Caratlane and Bluestone’s ambitious expansion strategy, the company is well-positioned to capitalise on the growing demand in the omnichannel jewellery space.
