Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
Bluestone, the prominent omnichannel jewellery brand, has successfully raised ₹900 crore in a pre-IPO funding round, which has doubled its valuation to approximately $970 million. This funding round attracted significant investments from key players, including Peak XV Partners, Prosus, Steadview Capital, Think Investments, and Pratithi Investments.
Of the total ₹900 crore raised, ₹600 crore is designated for primary capital infusion, while the remaining ₹300 crore comes from a secondary share sale. Notably, Prosus contributed around ₹350 crore, with Peak XV and Steadview each investing over ₹200 crore. This capital injection is expected to support Bluestone's ambitious expansion plans, which include increasing its offline store count from 220 to 400 within the next 12 to 18 months.
Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, Bluestone offers a diverse range of jewelry products, including rings, pendants, and earrings. The company reported significant growth in its financial performance, with revenues rising to ₹770.7 crore in FY23, up from ₹461.3 crore the previous year. Moreover, it managed to reduce its losses substantially, from ₹1,268.4 crore in FY22 to ₹167.2 crore in FY23.
Bluestone is now preparing to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) later this year as it aims to go public. The successful completion of this funding round positions the company favorably as it seeks to establish a valuation benchmark ahead of its initial public offering.
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