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Bluestone’s losses surge 56% in FY25; online sales make up just 7%

EntrackrEntrackr · 22d ago
Bluestone’s losses surge 56% in FY25; online sales make up just 7%
Medial

Vertically integrated jewellery brand Bluestone has reduced the size of its IPO, as per its Red Herring Prospectus (RHP). The cut in both primary and secondary components comes amid a 56% year-on-year rise in losses, which outpaced revenue growth in the last fiscal year (FY25). Bluestone’s revenue from operations increased by 40% year-on-year to Rs 1,770 crore in the fiscal year ending March 2025 from Rs 1,266 crore in FY24, according to its restated financial statement given in RHP. The company's sole revenue stream was the sale of diamond, gold, platinum, gemstone, and pearl jewelry, with an average order value (AOV) of Rs 47,671 in FY25. This growth was steered by increasing store maturity and a broader product portfolio. The Bengaluru-based company operated 275 stores across 117 cities in 26 states and union territories by March 2025. Meanwhile, online sales contributed only 6.66% of the total sales, while the rest of the income came from stores and other channels. On the expense side, Bluestone’s cost of materials remained its largest expense head, which increased by 46% to Rs 1,098 crore and accounted for 54% of total expenses. Employee benefit expenses rose 47% to Rs 203 crore, while advertising costs stood at Rs 159 crore, up 28% from FY24. Other operational expenses and finance costs contributed another Rs 643 crore. Overall, total expenses rose 42% to Rs 2,050 crore in the last fiscal year (FY25) from Rs 1,446 crore in FY24. With Bluestone’s expenses growing faster than revenue, its net loss widened by 56% to Rs 222 crore in FY25, from Rs 142 crore in FY24. Despite this, the company achieved a positive EBITDA of Rs 133 crore, with an EBITDA margin of 7.27% in the last fiscal year. On a unit basis, the company spent Rs 1.16 to earn a rupee of operating revenue in FY25. As of March 2025, Bluestone had current assets worth Rs 2,130 crore, having Rs 187 crore in cash and bank balances. In FY25, Bluestone made two strategic investments. The company acquired a controlling stake in Ethereal House Private Limited (EHPL) for Rs 17 crore and subscribed to shares of Redefine Fashion Private Limited for Rs 11 crore. It is important to note that EHPL had no operations or significant assets, and its acquisition was treated as a corporate control transaction without goodwill or asset revaluation. Consequently, all FY25 figures are consolidated, while FY24 figures represent the standalone balance sheet.

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Ola Electric losses surge 50% to Rs 564 Cr in Q3 FY25, revenue declines

EntrackrEntrackr · 6m ago
Ola Electric losses surge 50% to Rs 564 Cr in Q3 FY25, revenue declines
Medial

url: https://entrackr.com/news/ola-electric-losses-surge-50-to-rs-564-cr-in-q3-fy25-revenue-declines-8698803. Content: Ola Electric reported its Q3 FY25 results on Friday, showing a 19.4% year-on-year decline in revenue. At the same time, the company's losses grew by 50%, highlighting a challenging quarter for the SoftBank-backed electric mobility firm. Ola Electric’s revenue from operations decreased to Rs 1,045 crore in Q3 FY25 from Rs 1,296 crore in Q3 FY24, its unaudited consolidated financial statements sourced from the National Stock Exchange show. Income from the sale of electric scooters was the sole source of revenue for Ola Electric while the collection from the sale of batteries contributed only a small portion in the third quarter of the ongoing fiscal year. For the EV scooter manufacturer, the cost of procurement of materials accounted for 56% of the total cost which stood at Rs 851 crore in Q3 FY24. Employee benefits, advertising, and technical support were some other cost centers, taking the total burn to Rs 1,505 crore in Q3 FY25. A decline in sales and fixed costs caused Ola Electric's losses to rise by 50% in Q3 FY25, reaching Rs 564 crore compared to Rs 376 crore in the same quarter of the previous fiscal year (Q3 FY24). In January, Ola Electric regained its top spot in the electric two-wheeler (EV 2W) segment, capturing a 24.91% market share with 24,330 units sold, according to Vahan data. TVS Motors followed in second place, selling 23,788 units, while Bajaj Auto claimed a 21.80% market share with 21,294 units sold.

Bluestone Jewellery IPO sees muted demand; listing on Aug 19

EntrackrEntrackr · 10d ago
Bluestone Jewellery IPO sees muted demand; listing on Aug 19
Medial

Bluestone Jewellery’s IPO drew a weak response from the market. The Rs 1,500 crore issue, open between August 11–13, was subscribed around 2.57X overall, with the bulk of the demand coming from institutional investors. According to exchange data, the Qualified Institutional Buyers (QIBs) portion was subscribed 4.09X, while Non-Institutional Investors (NIIs) bid only 0.53X. The Retail Individual Investors (RIIs) category managed 1.22X subscription. The company had fixed a price band of Rs 492–517 per share. The response was modest when stacked against earlier startup IPOs. Nykaa drew over 80X subscriptions, Zomato 38X, and Mamaearth 7.6X. Even smaller digital-first brands managed stronger demand from retail and HNIs. Bluestone’s weak turnout signals a fading appetite for highly valued D2C and consumer internet firms. The grey-market buzz around Bluestone’s IPO has been lukewarm, with GMP easing from around 2% to below 1% by the end, pointing to minimal expected listing gains. Meanwhile, Bluestone is targeting a high valuation of roughly Rs 7,800–8,100 crore, putting it in the same league as Titan’s CaratLane despite weaker overall profitability metrics. In FY25, Bluestone posted healthy revenue growth but continued to operate at single-digit EBITDA margins. Its omnichannel approach, online sales supported by over 250 physical stores, has helped scale up but also increased costs. The company has posted a revenue of Rs 1,770 crore with a net loss of Rs 222 crore during the previous fiscal year ended March 2025. Bluestone will list on August 19, but analysts expect a weak debut because of low subscription. The listing will show whether investors remain cautious about new-age consumer brands or if interest in the D2C sector can bounce back.

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

EntrackrEntrackr · 2m 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.

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