The omnichannel jewellery startup BlueStone is looking to raise approximately $16.5 million (INR 137.7 crore) in total through debt and equity financing. Recently, the company’s board passed two separate resolutions to raise INR 100 crore in debt and secure equity funding of INR 37.7 crore by issuing Series G compulsory convertible cumulative preference shares (CCPS) to its investors.
The debt will be raised from Innoven Capital, while the equity capital will come from investors like Ashwin Kedia, Sankar Bora, and Innoven Capital India, among others.
The startup plans to use the new funds for its business operations and growth initiatives.
An inquiry email sent to BlueStone regarding the new fundraising did not receive a response at the time of publishing this article.
The recent development follows closely after BlueStone secured $9 million (approximately INR 75 crore) in debt from the venture capital firm Trifecta Capital.
Continue Exploring: BlueStone set to raise $9 Million in debt funding from Trifecta Capital for expansion plans
A few months ago, there were reports that the startup aimed to raise approximately $65 million or INR 550 crore from a group of investors, including Nikhil Kamath, Zomato founder Deepinder Goyal, Info Edge, and Manipal Group’s Ranjan Pai, at a valuation of around INR 3,600 crore (about $440 million).
Additionally, the startup is reportedly considering a public listing. As per an Economic Times report, the jewellery startup intends to raise INR 2,000 crore through its initial public offering (IPO). The IPO will include a fresh issuance of shares and an offer-for-sale component, with existing shareholders collectively selling a 10-15% stake in the company.
Established in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone is an omnichannel jewellery startup that boasts over 8,000 designs spanning rings, pendants, earrings, and other products. Last year, the chief operating officer, Sudeep Nagar, was promoted to the position of co-founder.
During the fiscal year 2023, the startup experienced a 183% increase in its loss (excluding one-time losses), reaching INR 167 crore from INR 59 crore, whereas its operating revenue surged by 67% to INR 771 crore.
BlueStone competes with emerging startups such as GIVA, CaratLane owned by Tata, and Melorra.
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