Bluestone, an omnichannel jewelry retailer, has successfully raised Rs 600 crore (around $72 million) in a funding round led by Prosus through its subsidiary, MIH Investments. Other participants in this round include Steadview Capital, Think Investments, and Pratithi Growth Fund.
The company’s board approved the issuance of 1,03,80,622 Series H compulsory cumulative preference shares at a price of Rs 578 per share to secure the funding. Prosus led the round with an investment of Rs 351 crore ($42.2 million), while Steadview Capital, Think Investments, and Pratithi Growth Fund invested Rs 80 crore, Rs 84 crore, and Rs 35 crore, respectively. An additional 27 investors contributed the remaining primary capital.
This funding is part of a previously reported Rs 900 crore pre-IPO round, which includes Rs 300 crore from secondary transactions. The newly acquired capital will be utilized for expansion, operational costs, capital expenditures, and other corporate purposes.
Post-allotment, Bluestone’s valuation stands at approximately $972 million, as reported by a startup data intelligence platform. With this fresh funding, Prosus now holds a 4.48% stake in the company, while Steadview Capital, Think Investments, and Pratithi Growth Fund have stakes of 1.04%, 1.10%, and 1.08%, respectively.
Founded in 2011 by Gaurav Singh Kushwaha, Bluestone offers a wide range of jewelry collections for both men and women, available through its website and a network of more than 190 offline stores across 75 cities. The company has demonstrated strong growth, achieving a 65% year-on-year increase in revenue to Rs 787 crore in the fiscal year ending March 2023, while significantly reducing its losses by 87% to Rs 167 crore. Bluestone has yet to file its annual results for FY24.
One of Bluestone’s main competitors, CaratLane, which is owned by Titan, reported revenue of Rs 3,081 crore with a profit of Rs 79 crore for FY24.