Jewellery retailer Bluestone has reported a 64% increase in operating revenue for the year ended March 2024, according to data from Tofler. Additionally,͏͏ the͏͏ company͏͏ narrowed͏͏ its͏͏ annual͏͏ losses͏͏ by͏͏ about͏͏ 15%͏͏ to͏͏ INR͏͏ 142.2͏͏ crore.
The͏͏ Bengaluru-based͏͏ company’s͏͏ operational͏͏ revenue͏͏ surged͏͏ to͏͏ INR͏͏ 1,265.8͏͏ crore͏͏ in͏͏ FY24,͏͏ a͏͏ significant͏͏ rise͏͏ from͏͏ INR͏͏ 770.7͏͏ crore͏͏ in͏͏ FY23.͏͏ Overall,͏͏ its͏͏ total͏͏ revenue͏͏ for͏͏ FY24͏͏ amounted͏͏ to͏͏ INR͏͏ 1,303.4͏͏ crore,͏͏ compared͏͏ to͏͏ INR͏͏ 787.8͏͏ crore͏͏ the͏͏ year͏͏ before.
However,͏͏ Accel-backed͏͏ Bluestone’s͏͏ total͏͏ expenses͏͏ soared͏͏ to͏͏ INR͏͏ 1,445.7͏͏ crore͏͏ at͏͏ the͏͏ end͏͏ of͏͏ March,͏͏ up͏͏ from͏͏ INR͏͏ 955.1͏͏ crore͏͏ the͏͏ previous͏͏ year.͏͏ Material͏͏ costs,͏͏ including͏͏ raw͏͏ materials,͏͏ accounted͏͏ for͏͏ over͏͏ 85%͏͏ of͏͏ the͏͏ total͏͏ expenses.͏͏ Additionally,͏͏ employee͏͏ benefit͏͏ costs͏͏ rose͏͏ by͏͏ more͏͏ than͏͏ 50%,͏͏ reaching͏͏ INR͏͏ 138.4͏͏ crore͏͏ in͏͏ FY24.
Positive͏͏ Outlook͏͏ for͏͏ Future͏͏ Growth:
“The͏͏ company͏͏ has͏͏ successfully͏͏ increased͏͏ revenue͏͏ in͏͏ existing͏͏ stores͏͏ over͏͏ the͏͏ year,͏͏ leading͏͏ to͏͏ improved͏͏ margins,”͏͏ it͏͏ stated.͏͏ “As͏͏ a͏͏ result,͏͏ it͏͏ anticipates͏͏ further͏͏ enhancement͏͏ in͏͏ cash͏͏ flow͏͏ from͏͏ operations͏͏ through͏͏ revenue͏͏ growth͏͏ from͏͏ both͏͏ existing͏͏ and͏͏ new͏͏ customers.”
In͏͏ August,͏͏ Snackfax͏͏ had͏͏ reported͏͏ that͏͏ Bluestone͏͏ raised͏͏ INR͏͏ 900͏͏ crore͏͏ in͏͏ a͏͏ financing͏͏ round,͏͏ which͏͏ more͏͏ than͏͏ doubled͏͏ its͏͏ valuation͏͏ to͏͏ $970͏͏ million͏͏ (about͏͏ INR 8,100͏͏ crore).͏͏ The͏͏ round͏͏ attracted͏͏ investments͏͏ from͏͏ Peak͏͏ XV͏͏ Partners,͏͏ Prosus,͏͏ Steadview͏͏ Capital,͏͏ Think͏͏ Investments,͏͏ and͏͏ Pratithi͏͏ Investments,͏͏ the͏͏ family͏͏ office͏͏ of͏͏ Infosys͏͏ co-founder͏͏ Kris͏͏ Gopalakrishnan.
Continue͏͏ Exploring:͏͏ Jewellery brand Bluestone bags͏͏ INR͏͏ 900͏͏ Cr͏͏ in͏͏ pre-IPO͏͏ funding,͏͏ valuation͏͏ hits͏͏ $970͏͏ Mn
Upcoming͏͏ IPO Plans͏͏ on͏͏ the͏͏ Horizon:
Bluestone͏͏ is͏͏ set͏͏ to͏͏ file͏͏ its͏͏ draft͏͏ red͏͏ herring͏͏ prospectus͏͏ for͏͏ an͏͏ initial͏͏ public͏͏ offering͏͏ (IPO)͏͏ of͏͏ nearly͏͏ INR͏͏ 2,000͏͏ crore͏͏ later͏͏ this͏͏ year.
Founded͏͏ in͏͏ 2011͏͏ by͏͏ Gaurav͏͏ Singh͏͏ Kushwaha͏͏ and͏͏ Vidya͏͏ Nataraj,͏͏ Bluestone͏͏ operates͏͏ both͏͏ online͏͏ and͏͏ through͏͏ its͏͏ own͏͏ retail͏͏ stores,͏͏ as͏͏ well͏͏ as͏͏ franchise-owned͏͏ locations.͏͏ The͏͏ company͏͏ currently͏͏ has͏͏ around͏͏ 220͏͏ offline͏͏ stores͏͏ and͏͏ aims͏͏ to͏͏ expand͏͏ this͏͏ number͏͏ to͏͏ 400͏͏ within͏͏ the͏͏ next͏͏ 12͏͏ to͏͏ 18͏͏ months.
Investor͏͏ interest͏͏ in͏͏ omnichannel͏͏ jewellery͏͏ platforms͏͏ in͏͏ India͏͏ has͏͏ surged͏͏ recently,͏͏ particularly͏͏ following͏͏ Titan’s͏͏ acquisitiBluestone’s FY24 revenue up 64%, losses narrow despite rising expenseson͏͏ of͏͏ a͏͏ stake͏͏ in͏͏ CaratLane͏͏ from͏͏ founder͏͏ Mithun͏͏ Sacheti͏͏ last͏͏ year.͏͏ In͏͏ July,͏͏ silver͏͏ jewellery͏͏ maker͏͏ Giva͏͏ announced͏͏ it͏͏ had͏͏ raised͏͏ INR͏͏ 200͏͏ crore͏͏ in͏͏ a͏͏ Series͏͏ B͏͏ funding͏͏ round͏͏ led͏͏ by͏͏ Premji͏͏ Invest.
