BlueStone Raises Rs 40 Cr In Debt From BlackSoil, Others

bluestone, an omnichannel jewellery company has raised Rs 40 Cr (around $ 4.7 Mn) in debt funding from BlackSoil and Caspian Impact Investments, ahead of its planned initial public offering (IPO). 

Bluestone raised the amount by issuing 800 non-convertible debentures priced at Rs 5 lakh each, according to a regulatory filing with the Registrar of Companies (RoC).

BlackSoil led the debt round with a Rs 30 crore ($3.5 million) investment, while Caspian Impact Investments added Rs 10 crore.

Read also- ReelSaga Raises $2.1 Mn In Seed Funding Round Led By Picus Capital

This comes as BlueStone prepares to go public. Bluestone filed its draft papers with SEBI in December last year for a Rs 1,000 crore IPO and an offer-for-sale of up to 2.4 crore shares.

The funds raised will be used to meet working capital needs and for general business purposes.

About BlueStone 

Founded in 2011 by Gaurav Singh Kushwaha, BlueStone is a jewellery brand that sells gold and diamond rings, pendants, chains, and earrings both online and in stores. As per its DRHP, it runs over 203 stores in 86 cities.

In FY24, BlueStone’s revenue grew by 64% to Rs 1,266 crore, up from Rs 771 crore in FY23. The company also cut its losses by 15%, bringing them down to Rs 142 crore.

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