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Exclusive: Bluestone expands ESOP pool, COO Sudeep Nagar receives $11 Mn worth grant

EntrackrEntrackr · 18d ago
Exclusive: Bluestone expands ESOP pool, COO Sudeep Nagar receives $11 Mn worth grant
Medial

Exclusive: Bluestone expands ESOP pool, COO Sudeep Nagar receives $11 Mn worth grant Omnichannel jewellery retailer Bluestone has expanded its existing ESOP plan to $80 million by adding additional employee stock options for its employees. The board at Bluestone has passed a resolution for approval to add 42,43,312 employee stock options to its existing plan, bringing the total ESOP pool to 1,17,27,642 options, its regulatory filing accessed through the Registrar of Companies (RoC) shows. According to Entrackr’s estimates, the newly added ESOPs are worth around Rs 245 crore or around $29 million. Out of the newly added stock options, Rs 92.6 crore ($11 million) will be granted to the company’s Chief Operating Officer (COO), Sudeep Nagar. This addition brings the total value of Bluestone’s ESOP pool to Rs 678 crore or around $80 million. Notably, these valuations are based on the company's last funding round, where it raised around Rs 900 crore pre-IPO round led by Prosus, out of which Rs 300 crore is secondary. Ahead of Bluestone’s IPO, Global consumer internet group Prosus values the company at $950 million, just shy of unicorn status ahead of its IPO. Prosus has valued its stake in BlueStone at $42 million, as per its latest annual report. The stake, held through its fund MIH Investments One B.V., represents a 4.43% ownership in the jewellery brand. As per ET report, Bluestone is all set to join the unicorn status with secondary transactions worth Rs 300-350 crore by private wealth management arms of 360 One and Centrum Wealth. This will value the company at $1.2 billion. In December 2024, Bluestone filed its draft red herring prospectus (DRHP) with SEBI for an IPO, comprising a fresh issue of equity shares worth up to Rs 1,000 crore and an offer for sale (OFS) of up to 2.398 crore shares, allowing a full exit for Samma Capital, IvyCap Ventures, and Kalaari Capital. Founded in 2011, omnichannel jewellery brand BlueStone offers high-value gold and diamond jewellery, including rings, pendants, chains, and earrings, through its retail stores and online platform. As per its DRHP, the company operates over 203 stores across 86 cities. BlueStone has raised around $262 million across multiple funding rounds from investors such as Accel, Prosus, Peak XV Partners, 360 One, Kalaari Capital, and others, according to startup data intelligence platform TheKredible. In FY24, BlueStone’s revenue grew 64% year-on-year to Rs 1,266 crore, up from Rs 771 crore in FY23. The company also trimmed its losses by 15% during the same period, bringing them down to Rs 142 crore.

Exclusive: Decoding Bluestone’s pre-IPO round

EntrackrEntrackr · 10m ago
Exclusive: Decoding Bluestone’s pre-IPO round
Medial

Omnichannel jewellery retailer Bluestone has raised Rs 600 crore (approximately $72 million) led by Prosus (through its subsidiary MIH Investments) and with participation from Steadview, Think Investments, and Pratithi Growth Fund. The board at Bluestone has passed a special resolution 1,03,80,622 Series H compulsory cumulative preference shares at an issue price of Rs 578 to raise Rs 600 crore or $72 million, its internal fining accessed by Entrackr from Registrar of Companies show. Prosus led the round with Rs 351 crore or $42.2 million while Steadview Capital, Think Investments and Pratithi Growth Fund pumped in Rs 80 crore, Rs 84 crore, and Rs 35 crore respectively. The 27 other investors participated with the rest of the primary capital into Bluestone. This is part of an earlier reported Rs 900 crore pre-IPO round out of which Rs 300 crore is secondary. The funds will be used for expansion, ongoing operations, capital expenditure, and other general corporate purposes, the filing further added. According to startup data intelligence platform TheKredible, the company has been valued at around $972 million post-allotment. Following the fresh proceeds, Prosus holds 4.48% of the company while Steadview Capital, Think Investments and Pratithi Growth command 1.04%, 1.10%, and 1.08%, respectively. Founded in 2011 by Gaurav Singh Kushwaha, Bluestone provides an extensive jewellery collection for both men and women, available through its website and network of offline stores. According to the firm’s website, it operates over 190 stores across 75 cities. Bluestone continued to grow its revenue and narrow losses in the fiscal year ending March 2023. During the fiscal, the firm achieved 65% year-on-growth and its collection stood at Rs 787 crore. Its losses dwindled 87% to Rs 167 crore. It’s yet to file its annual results for FY24. Bluestone’s close competitor CaratLane, which is owned by Titan, reported Rs 3,081 crore revenue with Rs 79 crore profit in FY24.

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.

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