[Funding News] Bluestone Secures Rs 100 Cr Debt Funding from Neo Markets

A debt of Rs 100 crore or $12 million has been raised by omnichannel retailer Bluestone from Neo Markets.

The Bluestone board has approved a special resolution to issue 10,000 debentures at a price of Rs 1,00,000 each in order to raise 100 crores.

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The company has raised approximately $190 million to date, with $66 million coming from Ranjan Pai and others in September of last year. Kalari Capital, which possesses 12.35% of the company, is the second-largest stakeholder among investors, following Accel with 21.2%.

This development has occurred at a time when the company, which is reportedly funded by Peak XV, is seeking to raise $100 million in its pre-IPO round. According to media reports, the pre-IPO funding will be a combination of primary and secondary sources, with the early backers potentially earning substantial returns. The development was first reported by Entrackr.

Bluestone offers an extensive jewelry collection for both men and women, which is accessible through its website and network of offline stores. The organization maintains more than 190 stores in 75 cities, as indicated on its website.

In the fiscal year that concluded in March 2023, Bluestone maintained its revenue growth and reduced its losses.

About Bluestone

BlueStone, founded in Bangalore in 2011 by Gaurav Singh Kushwaha, is one of India's largest digital-first fine jewelry brands. 

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