Bluestone raises Rs 900 cr in pre-IPO round, valuation doubles to $970 mn

Rs 900 crore raised by Bluestone includes Rs 600 crore in primary capital infusion, while the remaining Rs 300 crore came from secondary share sales

Jewellery retailer Bluestone has successfully secured Rs 900 crore in a pre-IPO funding round, raising its valuation to $970 million (approximately Rs 8,100 crore), according to a report by The Economic Times. This financing round positions the company for its upcoming initial public offering (IPO), with plans to file the draft red herring prospectus with the stock market regulator later this year.

The round saw participation from investors such as Peak XV Partners, Prosus, Steadview Capital, Think Investments, and Pratithi Investments, the family office of Infosys cofounder Kris Gopalakrishnan. Of the Rs 900 crore raised, Rs 600 crore is primary capital infusion, while the remaining Rs 300 crore came from secondary share sales.

Venture investor Prosus contributed around Rs 350 crore to the round, with Peak XV Partners and Steadview Capital each investing over Rs 200 crore. Early investor Kalaari Capital partially exited, earning about Rs 300 crore by selling half of its stake in the Bengaluru-based firm.

Omnichannel jewellery leader

Bluestone, launched in 2011, has grown to become the second-largest omnichannel jewellery retailer in India, following CaratLane. The company operates over 180 stores across more than 70 cities in India, offering a wide range of contemporary fine jewellery, including diamonds, gold, silver, platinum, gemstones, and pearls. It has attracted investments from top global venture capital firms and prominent investors like Accel, Nikhil Kamath, InfoEdge Ventures, and Hero Enterprises.

Bluestone’s IPO ambitions

This pre-IPO round follows Bluestone’s previous funding round in September 2023, where the company’s valuation was around $450 million. The current increase in valuation was likely influenced by the Tata Group's acquisition of CaratLane last year, which has spurred interest from both new and existing investors.
 

As Bluestone prepares for its IPO, the company has indicated to investors that it aims to achieve profitability by March 2025, with a strong digital-first approach and a growing offline presence.