Bluestone is a jewellery startup that has successfully secured $12 million in its debt funding round. The round had participation from the firm’s new and existing investors and was led by Neo Markets. The startup offers an omnichannel mode of marketing. This company plans to use this investment combined with the upcoming pre-IPO round to prepare for public listing. The startup plans to use these fresh proceeds to expand its network, advance its technologies, scale up its operations, and enhance its platform. Here we are talking about Bluestone secured $12 million in its debt funding round led by Neo Markets.
The board members at the company approved a resolution to allot 10,000 debentures at an issue price of Rs 1,00,000 each. This jewellery brand is aiming for a larger pre-IPO round and this debut round was a step towards that goal. ET reports, the company is still negotiating to secure an investment of more than 100 million USD. The pre-IPO round may have investments from Peak XV partners, Think investments, and steady view capital. Peak XV partners are more likely to invest $50 million in the startup.
The firm aims to get a combination of share sales from its early investors and fresh capital. This is predicted to make the omnichannel retailer have a pre-money valuation of around 900 million USD. The company follows an omnichannel approach and offers its services via websites and physical stores. Bluestone offers 190 physical stores across 75 cities in India. The company aims to raise Rs 2000 crore through its IPO and go public. The brand is expected to reach profitability by 2025. Bluestone has secured a total of 190 million USD to date. The company has investors including Accel, Kalaari Capital, Ratan Tata, Deepinder Goyal, and Nikhil Kamath.
Accel accounts for 21.2% of the total stake followed by Kalaari Capital with 12.35 percent. The company reported a 65 percent increase in its revenue to Rs 787 crore while the losses decreased by 87 percent to Rs 167 crore in FY23. This jewellery brand competes with Giva and CaratLane. Indian Jewellery market had a total generation of $77 billion in revenue for 2023.
Conclusion
Bluestone is planning for its pre-IPO round and has raised $12 million in its debt funding round as a part of this goal. The round had participation from the firm’s existing investors and was led by Neo Markets. These fresh proceeds combined with the upcoming pre-IPO round will help the firm to prepare for public listing, expand its operation, and enhance its services. The brand is still negotiating to secure an investment of more than 100 million USD from Peak XV partners, Think investments, and steady view capital. Peak XV partners are more likely to invest $50 million in the company.
The offers 190 physical stores across 75 cities in India. The firm plans to raise Rs 2000 crore through its IPO and go public. This investment shows the interest of investors and the market potential of the company. Peak XV partners are more likely to invest $50 million in the startup. The firm aims to get a combination of share sales from its early investors and fresh capital. The brand competes with other brands including Giva, and CaratLane.
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