With the ongoing Indian IPO boom, where tech startups like Swiggy, Ather Energy, and BlackBuck are aiming to go public, omnichannel jewellery startup Bluestone is now also preparing to join the trend.
Bluestone estimated valuation is $1-1.5 billion
Mint reports that Bluestone plans to go public by the second quarter of next year. The Prosus-backed startup aims to raise $200-250 million (about INR 1,681-2,100 crore) through its IPO, with an estimated valuation of $1-1.5 billion.
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Led by Gaurav Singh Kushwaha and Vidya Nataraj, the company is expected to file its draft red herring prospectus (DRHP) with SEBI later this year. They have reportedly hired Axis Capital, IIFL Securities, and Kotak Mahindra Capital as investment bankers to assist with their public issue.
Bluestone secures INR 900 crore in pre-IPO funding
Meanwhile, BlueStone competes with brands like CaratLane, GIVA, Melorra, and other established jewellery brands. In June, it raised INR 100 crore in debt funding from Neo Markets. So far, BlueStone has raised over $200 million. Its backers include Accel, Kalaari Capital, Ratan Tata, Deepinder Goyal, and Nikhil Kamath.
However, If Bluestone goes public, it will be the first IPO by an Indian new-age jewellery startup. This news follows reports that Bluestone raised INR 900 crore in a pre-IPO funding round in August from Peak XV Partners, Prosus, and Steadview Capital, nearly making it a unicorn.
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Established in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, Bluestone is an omnichannel jewellery startup. It offers over 8,000 designs, including rings, pendants, and earrings. The startup owns some retail stores and runs the rest through a franchise model. They claim to have over 200 retail stores across the country.
By reducing its net loss by 15% year of year (YoY) to INR 142.2 crore in FY24 from INR 167.2 crore in FY23. BlueStone operating revenue grew over 64% YoY to INR 1,265.8 crore in FY24.
