Bluestone Expands Employee Stock Options and Aims for Unicorn Status

Omnichannel jewellery retailer Bluestone has broadened its current ESOP plan by introducing more employee stock options for its workforce. The board at Bluestone has approved the addition of 42,43,312 employee stock options to its existing plan, raising the total ESOP pool to 1,17,27,642 options, as indicated in its regulatory filing with the Registrar of Companies (RoC).

Estimates from Startup Superb suggest that the newly added ESOPs are valued at around Rs 245 crore, approximately $29 million. Of these new stock options, Rs 92.6 crore ($11 million) is set to be allocated to the company’s Chief Operating Officer (COO), Sudeep Nagar.

This enhancement increases the overall value of Bluestone’s ESOP pool to Rs 678 crore, or roughly $80 million. These valuations derive from the company’s most recent funding round, in which it secured about Rs 900 crore in a pre-IPO round led by Prosus, with Rs 300 crore being secondary.

In advance of Bluestone’s IPO, global consumer internet group Prosus has appraised the company at $950 million, just short of unicorn status prior to its IPO.

According to its latest annual report, Prosus has valued its stake in Bluestone at $42 million. This stake, managed through its fund MIH Investments One B.V., reflects a 4.43% ownership in the jewellery brand.

A report by ET indicates that Bluestone is on track to achieve unicorn status, with secondary transactions valued between Rs 300-350 crore facilitated by private wealth management divisions of 360 One and Centrum Wealth. This would elevate the company’s valuation to $1.2 billion.

In December 2024, Bluestone submitted its draft red herring prospectus (DRHP) to SEBI for an IPO, which includes a fresh equity share issue valued at up to Rs 1,000 crore along with an offer for sale (OFS) of up to 2.398 crore shares, enabling a complete exit for Samma Capital, IvyCap Ventures, and Kalaari Capital.

Established in 2011, Bluestone delivers high-value gold and diamond jewellery, such as rings, pendants, chains, and earrings through its retail locations and online platform. According to the DRHP, the company operates more than 203 stores across 86 cities.

To date, Bluestone has raised approximately $262 million through various funding rounds from notable investors including Accel, Prosus, Peak XV Partners, 360 One, and Kalaari Capital, as reported by numerous startup data intelligence platforms.

In FY24, Bluestone’s revenue surged by 64% year-on-year, rising to Rs 1,266 crore from Rs 771 crore in FY23. The company also managed to reduce its losses by 15% during the same period, lowering them to Rs 142 crore.