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Bluestone, a jewelry retailer, has completed a Rs 900-crore financing round, which has more than doubled the firm's valuation to $970 million, or Rs 8,100 crore. The company is on the brink of an IPO.
Bluestone intends to implement an ambitious expansion strategy with the new capital. It currently operates approximately 220 offline stores and intends to expand this number to 400 within the next 12 to 18 months.
The Accel-backed firm is now prepared to submit the draft red herring prospectus for its initial public offering (IPO) to the stock market regulator this calendar year, following the completion of the pre-IPO round to establish the valuation benchmark.
After the most recent funding round in September 2023, Kalaari Capital, which is headed by Vani Kola, owned approximately 12.3% of Bluestone. Iron Pillar, Saama Capital, RB Investments, IvyCap, and InfoEdge Ventures are among the other investors in the firm, collectively holding approximately 20%. Gaurav Singh Kushwaha and Ganesh Krishnan, the founders, possess nearly 14% of the company.
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Bluestone is estimated to have closed FY24 with Rs 1,200 crore of revenue and Rs 3 crore EBITDA. Another individual who is privy to the specifics stated, "They will also be relatively profitable in terms of EBITDA this fiscal year."
About Bluestone
Founded in 2011 by Gaurav Singh Kushwaha, BlueStone is one of India's largest digital-first fine jewelry brands.
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Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:
Startup Success Stories: Discover inspiring tales of startups overcoming challenges and achieving success.
Funding Startup News: Stay updated with the latest news and trends in startup funding and investment.
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