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Bluestone secures debt ahead of IPO

EntrackrEntrackr · 2m ago
Bluestone secures debt ahead of IPO
Medial

Omnichannel jewellery retailer Bluestone has raised Rs 40 crore (approximately $4.7 million) in debt funding, led by BlackSoil with participation from Caspian Impact Investments, ahead of its planned initial public offering (IPO). The board at Bluestone allotted 800 non-convertible debentures at an issue price of Rs 5,00,000 each to raise the aforementioned sum, according to its regulatory filing with the Registrar of Companies (RoC). Blacksoil led the debt round with Rs 30 crore investment ($3.5 million) while Caspian Impact Investments participated with Rs 10 crore. Recently, in December 2024, Bluestone filed a draft red herring prospectus (DRHP) with SEBI for an IPO, which consists of a fresh issue of equity shares up to Rs 1,000 crore and an offer for sale (OFS) of up to 2.398 crore equity shares to provide a complete exit to Samma Capital, Ivycap Ventures, and Kalaari Capital. Founded in 2011, the omnichannel jewellery brand BlueStone specializes in high-value jewellery, offering a range of gold and diamond rings, pendants, chains, and earrings through its retail stores and online platform. According to the DRHP, it operates over 203 stores across 86 cities. According to startup data intelligence platform TheKredible, BlueStone has raised approximately $262 million across multiple funding rounds, including a Rs 900 crore pre-IPO round led by Prosus, out of which Rs 300 crore is secondary in August last year. In FY24, BlueStone recorded a 64% year-on-year increase in revenue, rising to Rs 1,266 crore from Rs 771 crore in FY23. During the same period, the company also narrowed its losses by 15%, reducing them to Rs 142 crore in FY24.

Curefoods to raise debt from Blacksoil and Binny Bansal

EntrackrEntrackr · 3m ago
Curefoods to raise debt from Blacksoil and Binny Bansal
Medial

Exclusive: Curefoods to raise debt from Blacksoil and Binny Bansal Cloud kitchen startup Curefoods is raising Rs 56.4 crore (approximately $6.6 million) in debt, led by BlackSoil Group and with participation from existing backer Binny Bansal. This will be the first debt round for the Bengaluru-based firm this year. The board at Curefoods has passed a special resolution to issue 1,000 non-convertible debentures at an issue price of Rs 5,00,000 each to BlackSoil, raising Rs 50 crore, and 595 compulsory convertible debentures to Binny Bansal worth Rs 6.4 crore, according to a regulatory filing accessed from the Registrar of Companies (RoC). The proceeds will be used for the company's working capital requirements and business expansion, as per filings. Curefoods is a cloud kitchen platform operating brands such as EatFit, Sharief Bhai, Olio Pizza, Krispy Kreme, Nomad Pizza, and others. Currently, it runs over 100 kitchens in over 200 locations in India. According to startup data intelligence platform TheKredible, Curefoods has raised $125 million across rounds from the likes of Binny Bansal-backed Three State Capital, Iron Pillar, and Chiratae Ventures, among others. Curefoods has also raised Rs 37 crore from Landmark Group in February via equity. Curefoods demonstrated notable financial performance in FY24, reporting a surge of over 50% in operating revenue to Rs 585 crore, while reducing losses by 50% to Rs 172.6 crore during the same period. The Ankit Nagori-led firm is reportedly planning to launch its $300–400 million initial public offering (IPO) in the latter part of FY26.

BlackSoil NBFC raises $12 Mn equity capital from existing backers

EntrackrEntrackr · 1y ago
BlackSoil NBFC raises $12 Mn equity capital from existing backers
Medial

Alternative credit platform BlackSoil NBFC, the flagship arm of BlackSoil Group, has raised equity of Rs 100 crore ($12 million) from its existing Indian investors and family offices through a rights issue. The capital injection will improve BlackSoil NBFC’s credit profile and boost its borrowing capabilities and growth, the company said in a press release. BlackSoil is backed by investors and family offices of Allcargo Logistics, Navneet Education, Mahavir Agency, and Mathew Cyriac-led Florintree Advisors. This latest funding also marks BlackSoil NBFC’s fourth capital infusion within eight years, bringing its total equity raise to approximately Rs 250 crore ($30 million). Additionally, it has secured debt financing of over Rs 1,700 crore (more than $200 million) from HNIs, banks et al. BlackSoil provides alternative credit solutions to growth companies, financial institutions, NBFCs and MSMEs across sectors. At the group level, BlackSoil has surpassed Rs 5,000 crore (over $600 million) disbursement across 214 deals by December 2023. Its portfolio includes ideaForge, Upstox, Bluestone, OYO, Udaan, Zetwerk, Spinny, Yatra, Dunzo, Purplle, Mobikwik and Cure Foods. As per BlackSoil, its AUM grew around 30% year-on-year in 2023 and it deployed Rs 1650 crore (nearly $200 million) across 63 deals and exited from over 20 deals in the last year. The firm also said that its portfolio companies collectively raised equity of $800 million in the last year while three of them including Yatra, ideaForge and Cellecor got listed on the stock exchange in 2023.

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