Bluestone, a Bengaluru-based omnichannel retailer specializing in jewellery, has successfully raised Rs 100 crore in debt funding from Neo Markets. This strategic funding round comes as Bluestone prepares for its upcoming initial public offering (IPO), aiming to strengthen its financial position.
Established in 2011 by Gaurav Singh Kushwaha, Bluestone has carved out a substantial presence in the jewellery market, operating through both its website and a widespread network of over 190 offline stores across 75 cities.
According to regulatory filings sourced from the Registrar of Companies, Bluestone’s board passed a special resolution to issue 10,000 debentures priced at Rs 1,00,000 each, facilitating the raise of Rs 100 crore.
The timing of this funding is pivotal as Bluestone is actively seeking to secure $100 million in a pre-IPO funding round. This round will involve a combination of primary and secondary sources, potentially offering significant returns for early investors.
Bluestone has accumulated approximately $190 million in total funding to date, including a noteworthy $66 million raised last September, with participation from investors like Ranjan Pai.
Accel emerges as the largest stakeholder in Bluestone, holding a 21.2% stake, followed by Kalari Capital with a 12.35% stake.
Financially, Bluestone has demonstrated robust revenue growth, achieving a 65% year-on-year increase, with revenues reaching Rs 787 crore in the fiscal year ending March 2023. Concurrently, the company reduced its losses significantly by 87%, amounting to Rs 167 crore during the same period.
As Bluestone continues to expand its market footprint and enhance operational efficiencies, the recent debt funding from Neo Markets is expected to fortify its position in preparation for its imminent IPO, reflecting its ambitions for sustained growth and market leadership in the jewellery retail sector.