Bluestone Raises ₹100 Crore Debt from Neo Markets Ahead of IPO

Bengaluru-based omnichannel retailer Bluestone has secured a significant debt investment of ₹100 crore (approximately $12 million) from Neo Markets. This marks the third debt infusion for Bluestone in the current year. The company’s board passed a special resolution to issue 10,000 debentures, each valued at ₹1,00,000, to raise the aforementioned sum. The move comes as Bluestone reportedly aims to raise $100 million in its pre-IPO round. Notably, this pre-IPO funding is expected to be a blend of primary and secondary investments, potentially yielding substantial returns for early backers.

Bluestone: A Jewelry Retailer with Ambitious Goals

Founded in 2011 by Gaurav Singh Kushwaha, Bluestone offers an extensive collection of jewelry for both men and women. Its products are available through a combination of online channels and a network of offline stores, totaling over 190 stores across 75 cities. Bluestone has consistently grown its revenue while narrowing its losses. In the fiscal year ending March 2023, the company achieved an impressive 65% year-on-year growth, with a collection value of ₹787 crore. Simultaneously, its losses decreased significantly by 87%, reaching ₹167 crore. The company continues to compete with other players in the jewelry space, including Melorra, Giva, and CaratLane.

Jewelry store

Pre-IPO Momentum and Key Stakeholders

Bluestone’s pre-IPO funding aims to fuel its growth trajectory. The startup data intelligence platform TheKredible reveals that Accel holds the largest stake among investors, with 21.2%, followed by Kalari Capital with 12.35% ownership. Notably, Bluestone has raised a total of approximately $190 million to date, including a $66 million investment from Ranjan Pai and other backers in September of the previous year.

Looking Ahead

As Bluestone gears up for its IPO, the infusion of debt capital from Neo Markets positions the company for further expansion and market dominance. Investors and jewelry enthusiasts alike eagerly await the company’s next moves.


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