Debt Funding of Rs 40 Crore by Bluestone

Debt funding has become a significant part of Bluestone’s strategy as the omnichannel jewellery retailer raised Rs 40 crore (approximately $4.7 million) in this funding round. BlackSoil led the investment, supported by Caspian Impact Investments, in anticipation of its upcoming initial public offering (IPO).

Funding Details

The board at Bluestone issued 800 non-convertible debentures, priced at Rs 5,00,000 each, to secure this amount, as per their regulatory filing from the Registrar of Companies (RoC). The investment from Blacksoil totals Rs 30 crore ($3.5 million), while Caspian Impact Investments contributed Rs 10 crore.

Upcoming IPO Plans

In December 2024, Bluestone submitted a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for its IPO. This plan includes a fresh equity share issuance of up to Rs 1,000 crore, along with an offer for sale (OFS) of up to 2.398 crore equity shares aimed at providing a complete exit for investors such as Samma Capital, Ivycap Ventures, and Kalaari Capital.

About Bluestone

Established in 2011, Bluestone is renowned for its high-value jewellery offerings, which include a diverse range of gold and diamond rings, pendants, chains, and earrings. The company operates both retail stores and an online platform, boasting over 203 stores in 86 cities.

Funding History and Growth

According to various sources from a startup data intelligence platform, Bluestone has raised around $262 million through numerous funding rounds, including a Rs 900 crore pre-IPO round led by Prosus. Out of this funding, Rs 300 crore was classified as secondary, which was raised in August of the previous year.

Financial Performance

In the fiscal year 2024, Bluestone illustrated a robust performance with a 64% year-on-year revenue growth, increasing from Rs 771 crore in FY23 to Rs 1,266 crore in FY24. Additionally, the company successfully reduced its losses by 15%, lowering them to Rs 142 crore in FY24.