Bluestone’s Pre-IPO Funding: Peak XV and Steadview Capital to Contribute
IPO News: Bluestone, an omnichannel jewelry brand, is negotiating a ₹830 Cr ($100 Mn) investment from Think Investments, Peak XV Partners, and Steadview Capital. Bluestone’s pre-IPO funding round, Bluestone plans a mix of share sales by early investors and new capital infusion, valuing the retailer at around ₹7,500 Cr ($900 Mn) pre-money, according to ET. Peak XV is expected to invest ₹415 Cr ($50 Mn).
The Bluestone’s pre-IPO funding round includes primary and secondary transactions, with potential participation from family offices via special purpose vehicles, expected to close soon. This latest round more than doubles Bluestone’s valuation from September 2023, when it raised funds at a $450 Mn valuation from investors like Manipal Group’s Ranjan Pai, Zomato founder Deepinder Goyal, and Zerodha’s Nikhil Kamath.
Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, Bluestone offers over 8,000 jewelry designs. In 2022, COO Sudeep Nagar was promoted to co-founder. Earlier, Inc42 reported Bluestone sought US$16.5 Mn from investors including Innoven Capital, Ashwin Kedia, and Sankar Bora, following plans to raise US$9 Mn in debt from Trifecta Capital.
The company reported a 1.6X increase in FY23 revenue to ₹770.7 Cr, up from ₹461.3 Cr the previous year, while reducing its loss by 86% to ₹167.2 Cr from ₹1,268.4 Cr in FY22. The Indian jewelry industry generated nearly US$77 Bn in revenue in 2023, outpacing markets in China, the US, Japan, and Russia.
In March, D2C jewelry brand Kushal’s raised ₹284 Cr in Series B funding from Lighthouse’s fourth alternative investment fund. Additionally, silver jewelry startup Giva secured US$35 Mn in Series B funding led by Premji Invest last year.
Conclusion
Bluestone’s upcoming pre-IPO funding round, with significant investments from Peak XV Partners and Steadview Capital, marks a pivotal moment for the omnichannel jewelry brand. The infusion of fresh capital and share sales by early investors will elevate Bluestone’s valuation, reflecting its robust growth and strong market presence. As Bluestone continues to innovate and expand its offerings, the successful completion of this funding round will solidify its position as a leader in the Indian jewelry industry, setting the stage for a highly anticipated IPO and future growth in the global market.
