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IPO-Bound BlueStone Eyes Unicorn Tag With Fresh Funding
- BlueStone, an IPO-bound jewellery platform, aims to raise fresh capital at a unicorn valuation of INR 11,500 Cr ($1.15 Bn) with plans for an IPO valuation of INR 13,000 Cr.
- The company is inviting investors to infuse pre-IPO capital, offering a 13% discount from its IPO valuation.
- BlueStone anticipates a 38% revenue increase to INR 1,800 Cr in FY25.
- Existing backers 360 One and Centrum Wealth are reportedly looking to sell their stakes, aiming to raise INR 300 – 350 Cr in the fresh funding round.
- BlueStone previously raised INR 900 Cr, boosting its valuation to $970 Mn with investments from firms like Peak XV Partners, Prosus, Steadview Capital, and others.
- Founded in 2011, BlueStone offers over 8,000 jewellery designs across various categories, competing with CaratLane, GIVA, and other brands.
- The company filed a DRHP for its INR 1,000 Cr IPO in December 2024, receiving SEBI's approval in April.
- BlueStone claims a leading position in India's studded jewellery market, boasting 200+ offline stores and an average order value growth to INR 41,205 in FY24.
- Market share increased to 28% in 2023 from 22% in 2021, with a decrease in losses by 15% YoY to INR 142.2 Cr in FY24.
- Operating revenue surged over 64% YoY to INR 1,265.8 Cr in FY24, with a recent debt raise of INR 40 Cr from BlackSoil and Caspian Impact Investments.
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