In a traditionally dominated jewellery industry, BlueStone has redefined how India shops for jewellery, blending digital innovation with in-store experiences. After starting as an online platform, it expanded with over 200 retail outlets and an innovative try-at-home service.
Now, the company is gearing up for its next bold move—going public. By the second quarter of next year, BlueStone aims to raise $200-250 million (INR 1,681-2,100 crore) through its IPO, targeting a valuation between $1-1.5 billion. Backed by Prosus and led by founders Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone is preparing to file its draft red herring prospectus (DRHP) with SEBI.
With investment banks like Axis Capital, IIFL Securities, and Kotak Mahindra Capital in tow, BlueStone’s IPO could mark a historic moment, becoming the first new-age Indian jewellery startup to go public—an exciting milestone for the industry.
BlueStone Rapid Growth and Expansion Plans
BlueStone, founded in 2011 by Gaurav Singh Kushwaha, with a vision to transform the jewellery shopping experience, offers over 8,000 designs, including rings, pendants, and earrings, across its omni channel platform.
The brand currently operates more than 200 retail stores throughout India, with plans to double that number to 400 within the next 12-18 months. BlueStone’s hybrid model, combining owned and franchised stores, has fuelled its rapid growth and market presence.
Pre-IPO Funding
Bluestone, an omnichannel jewellery retailer, raised ₹600 crore in funding led by Prosus, which contributed ₹351 crore. Steadview Capital, Think Investments, and Pratithi Growth Fund also participated, investing ₹80 crore, ₹84 crore, and ₹35 crore respectively. The funds will be used for expansion, operations, and capital expenditures. After this funding round, Bluestone's valuation reached $972 million, with Prosus holding 4.48%, while Steadview, Think Investments, and Pratithi Growth hold 1.04%, 1.10%, and 1.08%, respectively.
In the previous round Bluestone raised ₹550 crore from investors including Ranjan Pai, Info Edge Ventures, and Zerodha’s Nikhil Kamath, who are each contributing ₹100 crore. The remaining ₹250 crore will come from Zomato’s Deepinder Goyal, CarDekho’s Amit Jain, IIFL, and other existing backers. The funds will be used for expansion and opening new offline stores.
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Financial Performance and Future Outlook
BlueStone's financial performance for FY24 reflects the company’s growth, with a 64% increase in operating revenue to INR 1,265.8 crore, up from INR 770.7 crore in FY23. The company’s efforts to improve margins and increase sales from existing stores have paid off, contributing to a 15% reduction in losses, which narrowed to INR 142.2 crore. However, overall expenses also rose, reaching INR 1,445.7 crore by the end of FY24.
Looking ahead, BlueStone aims to boost its cash flow from operations by driving revenue growth from both existing and new customers. With strong demand for their jewellery offerings and aggressive store expansion plans, the company is well-positioned to continue its upward trajectory.
The Competitive Landscape: GIVA, CaratLane, and More
BlueStone faces stiff competition from other players like GIVA and CaratLane. GIVA recently raised INR 255 crore, while CaratLane, now wholly owned by Titan, has been growing 50% annually. Despite the competition, Bluestone’s growing customer base, coupled with its financial backing, positions it well to capitalize on the industry’s evolution.
The Road to IPO and Beyond
BlueStone’s IPO marks an exciting chapter for the jewellery startup, signalling its ambitions to further disrupt the traditional jewellery market and expand its reach across India. As the first new-age jewellery company to go public in India, BlueStone’s listing could inspire other players like GIVA to follow suit. With solid financial backing, aggressive expansion plans, and a growing customer base, BlueStone is poised to set a new benchmark in the Indian jewellery industry.
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