Omnichannel jewellery brand Bluestone reduced͏͏ its͏͏ loss͏͏ by͏͏ nearly͏͏ 15%͏͏ year-on-year͏͏ (YoY)͏͏ to͏͏ INR͏͏ 142.2͏͏ Cr͏͏ in͏͏ the͏͏ financial͏͏ year͏͏ 2023-24͏͏ (FY24),͏͏ while͏͏ its͏͏ operating͏͏ revenue͏͏ crossed͏͏ the͏͏ INR͏͏ 1,000͏͏ Cr͏͏ milestone.
The͏͏ startup͏͏ reported͏͏ a͏͏ net͏͏ loss͏͏ of͏͏ INR͏͏ 167.2͏͏ Cr͏͏ in͏͏ FY23,͏͏ with͏͏ an͏͏ operating͏͏ revenue͏͏ of͏͏ INR͏͏ 770.7͏͏ Cr.
Continue͏͏ Exploring:͏͏ BlueStone achieves͏͏ remarkable͏͏ 67%͏͏ growth͏͏ in͏͏ operating͏͏ revenue͏͏ for͏͏ FY23,͏͏ eyes͏͏ INR͏͏ 3,600͏͏ Cr͏͏ valuation͏͏ in͏͏ upcoming͏͏ funding͏͏ round
BlueStone’s͏͏ operating͏͏ revenue͏͏ soared͏͏ by͏͏ over͏͏ 64%͏͏ YoY,͏͏ reaching͏͏ INR͏͏ 1,265.8͏͏ Cr͏͏ in͏͏ FY24.
Diverse͏͏ Product͏͏ Range͏͏ and͏͏ Retail͏͏ Strategy:
Founded͏͏ in͏͏ 2011͏͏ by͏͏ Gaurav͏͏ Singh͏͏ Kushwaha͏͏ and͏͏ Vidya͏͏ Nataraj,͏͏ BlueStone͏͏ generates͏͏ revenue͏͏ through͏͏ both͏͏ online͏͏ jewellery͏͏ sales͏͏ and͏͏ its͏͏ retail͏͏ stores.͏͏ The͏͏ brand͏͏ offers͏͏ over͏͏ 8,000͏͏ designs,͏͏ including͏͏ rings,͏͏ pendants,͏͏ earrings,͏͏ and͏͏ more.
The͏͏ startup͏͏ owns͏͏ a͏͏ portion͏͏ of͏͏ its͏͏ retail͏͏ stores͏͏ while͏͏ operating͏͏ the͏͏ remainder͏͏ through͏͏ a͏͏ franchise͏͏ model.͏͏ It͏͏ boasts͏͏ over͏͏ 200͏͏ retail͏͏ locations͏͏ across͏͏ the͏͏ country.
Notably,͏͏ in͏͏ FY22,͏͏ BlueStone͏͏ faced͏͏ a͏͏ one-time͏͏ non-operating͏͏ expense͏͏ of͏͏ INR͏͏ 1,209͏͏ Cr,͏͏ which͏͏ caused͏͏ its͏͏ net͏͏ loss͏͏ to͏͏ soar͏͏ to͏͏ INR͏͏ 1,268.4͏͏ Cr͏͏ that͏͏ year.͏͏ Excluding͏͏ this͏͏ one-time͏͏ expense,͏͏ the͏͏ startup’s͏͏ net͏͏ loss͏͏ rose͏͏ by͏͏ 183%͏͏ YoY͏͏ in͏͏ FY23.
Focus͏͏ on͏͏ Strengthening͏͏ Financials͏͏ Ahead͏͏ of͏͏ IPO:
BlueStone͏͏ now͏͏ appears͏͏ to͏͏ be͏͏ focusing͏͏ on͏͏ strengthening͏͏ both͏͏ its͏͏ top͏͏ line͏͏ and͏͏ bottom͏͏ line͏͏ in͏͏ preparation͏͏ for͏͏ its͏͏ upcoming͏͏ IPO.
“The͏͏ company͏͏ has͏͏ successfully͏͏ increased͏͏ revenue͏͏ in͏͏ its͏͏ existing͏͏ stores͏͏ this͏͏ year,͏͏ leading͏͏ to͏͏ improved͏͏ margins.͏͏ As͏͏ a͏͏ result,͏͏ it͏͏ anticipates͏͏ further͏͏ enhancement͏͏ of͏͏ its͏͏ cash͏͏ flow͏͏ from͏͏ operations͏͏ through͏͏ increased͏͏ revenue͏͏ from͏͏ both͏͏ existing͏͏ and͏͏ new͏͏ customers,”͏͏ it͏͏ stated͏͏ in͏͏ its͏͏ filing͏͏ with͏͏ the͏͏ Ministry͏͏ of͏͏ Corporate͏͏ Affairs͏͏ (MCA).
Including͏͏ interest͏͏ income,͏͏ BlueStone͏͏ reported͏͏ total͏͏ revenue͏͏ of͏͏ INR͏͏ 1,303.5͏͏ Cr͏͏ in͏͏ FY24,͏͏ up͏͏ from͏͏ INR͏͏ 787.9͏͏ Cr͏͏ in͏͏ FY23.
As͏͏ sales͏͏ grew,͏͏ BlueStone’s͏͏ expenses͏͏ rose͏͏ by͏͏ over͏͏ 51%͏͏ to͏͏ INR͏͏ 1,445.7͏͏ Cr͏͏ in͏͏ FY24,͏͏ up͏͏ from͏͏ INR͏͏ 955.1͏͏ Cr͏͏ the͏͏ previous͏͏ year.
Cost͏͏ of͏͏ Materials͏͏ Consumed͏͏ comprised͏͏ 85%͏͏ of͏͏ the͏͏ total͏͏ expenditures͏͏ for͏͏ the͏͏ jewellery͏͏ brand͏͏ in͏͏ the͏͏ year͏͏ under͏͏ review.
In͏͏ FY24,͏͏ BlueStone͏͏ invested͏͏ INR͏͏ 1,234.7͏͏ Cr͏͏ in͏͏ raw͏͏ material͏͏ procurement,͏͏ marking͏͏ a͏͏ 72%͏͏ increase͏͏ from͏͏ INR͏͏ 717.6͏͏ Cr͏͏ the͏͏ previous͏͏ year.
The͏͏ startup’s͏͏ employee͏͏ benefit͏͏ expenses͏͏ rose͏͏ by͏͏ 51.7%͏͏ to͏͏ INR͏͏ 138.4͏͏ Cr͏͏ in͏͏ the͏͏ reported͏͏ year,͏͏ up͏͏ from͏͏ INR͏͏ 91.2͏͏ Cr͏͏ in͏͏ FY23.
Of͏͏ this͏͏ amount,͏͏ BlueStone͏͏ allocated͏͏ INR͏͏ 95.6͏͏ Cr͏͏ for͏͏ salaries͏͏ and͏͏ wages͏͏ in͏͏ FY24,͏͏ reflecting͏͏ a͏͏ year-on-year͏͏ growth͏͏ of͏͏ about͏͏ 56%.͏͏ This͏͏ suggests͏͏ that͏͏ the͏͏ startup͏͏ likely͏͏ expanded͏͏ its͏͏ workforce͏͏ during͏͏ the͏͏ year.
BlueStone’s͏͏ expenditure͏͏ on͏͏ advertisement͏͏ and͏͏ marketing͏͏ soared͏͏ to͏͏ INR͏͏ 124.2͏͏ Cr͏͏ in͏͏ FY24,͏͏ compared͏͏ to͏͏ INR͏͏ 84.1͏͏ Cr͏͏ in͏͏ the͏͏ previous͏͏ year.
Total͏͏ Funding͏͏ and͏͏ Key͏͏ Backers:
BlueStone͏͏ secured͏͏ INR͏͏ 900͏͏ Cr͏͏ from͏͏ Peak͏͏ XV͏͏ Partners,͏͏ Prosus,͏͏ Steadview͏͏ Capital,͏͏ and͏͏ others͏͏ in͏͏ its͏͏ pre-IPO͏͏ round͏͏ in͏͏ August,͏͏ elevating͏͏ its͏͏ valuation͏͏ to͏͏ $970͏͏ Mn.
In͏͏ June,͏͏ it͏͏ raised͏͏ INR͏͏ 100͏͏ Cr͏͏ in͏͏ debt͏͏ funding͏͏ from͏͏ Neo͏͏ Markets.
To͏͏ date,͏͏ BlueStone͏͏ has͏͏ raised͏͏ over͏͏ $200͏͏ Mn͏͏ in͏͏ total͏͏ funding.͏͏ Its͏͏ backers͏͏ include͏͏ prominent͏͏ names͏͏ like͏͏ Accel,͏͏ Kalaari͏͏ Capital,͏͏ Ratan͏͏ Tata,͏͏ Deepinder͏͏ Goyal,͏͏ and͏͏ Nikhil͏͏ Kamath.
BlueStone͏͏ competes͏͏ with͏͏ brands͏͏ such͏͏ as͏͏ CaratLane,͏͏ GIVA,͏͏ Melorra,͏͏ and͏͏ other͏͏ established͏͏ jewellery͏͏ names.
Although͏͏ reports͏͏ about͏͏ the͏͏ startup’s͏͏ IPO͏͏ plans͏͏ have͏͏ circulated͏͏ for͏͏ some͏͏ time,͏͏ it͏͏ has͏͏ yet͏͏ to͏͏ announce͏͏ a͏͏ specific͏͏ timeline͏͏ for͏͏ the͏͏ IPO.
