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Exclusive: Decoding Bluestone’s pre-IPO round

EntrackrEntrackr · 11m 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.

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

EntrackrEntrackr · 1m 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 Ather’s unicorn round, Q1 FY25 numbers

EntrackrEntrackr · 11m ago
Exclusive: Decoding Ather’s unicorn round, Q1 FY25 numbers
Medial

Electric scooter manufacturer Ather Energy has entered into a coveted unicorn club with $71 million in funding from existing investor National Investment and Infrastructure Fund last month. Entrackr has gone through its regulatory filings to decode round break up, shareholding pattern, and current valuation. The board at Ather Energy has passed a special resolution to issue 1,65,28,925 Series G compulsory cumulative preference shares at an issue price of Rs 363 each to raise Rs 600 crore or $72 million, its regulatory filing accessed from RoC shows. According to the data intelligence platform TheKredible, Hero MotoCorp remains the largest external stakeholder with 38.11% after this round, followed by Caladium Investment which holds 16.3%. NIIF, Tiger Global, and Zerodha brothers are other notable investors in Ather Energy. See TheKredible for the complete shareholding. The electric two-wheeler manufacturer was valued at $1.25 billion post-allotment, as per Fintrackr’s estimates. Ather posted Rs 339 crore of revenue during the first quarter of the ongoing fiscal year with a net loss of Rs 183 crore in the same period, according to its internal document seen by Entrackr. In FY24, the firm reported a modest decline in its revenue which stood at Rs 1754 crore. Ather’s rival Ola Electric, which went public last month, posted Rs 1,644 crore in revenue during the first quarter of the ongoing fiscal year, marking its net loss down by 17% to Rs 347 crore. According to Ather, its market share in the electric two-wheeler segment was 9% in the first quarter of FY25, down from 11% in FY24. Meanwhile, Ola Electric’s market share increased to 42% in Q1 FY25, and TVS Electric secured the second position with a 19% share during the same period. Notably, Ola Electric’s market share declined in the first two months of Q2 FY25 (July and August).

Decoding Groww’s $200 Mn pre-IPO funding round

EntrackrEntrackr · 1m ago
Decoding Groww’s $200 Mn pre-IPO funding round
Medial

Decoding Groww’s $200 Mn pre-IPO funding round The development comes just days after the company filed a confidential DRHP with the Securities and Exchange Board of India (SEBI). Groww is looking to raise $700 million to $1 billion through an IPO. Billionbrains Garage Ventures Limited, the parent firm of Groww, is raising Rs 1,735 crore (approximately $200 million) in a fresh round led by Singapore-based GIC and existing investor ICONIQ Capital. The development comes just days after the company filed a confidential DRHP with the Securities and Exchange Board of India (SEBI). Groww is looking to raise $700 million to $1 billion through an IPO. The board at Groww has passed a special resolution to issue 3.59 crore preference shares at an issue price of Rs 482.8 each to raise the aforesaid amount, its filing accessed from the Registrar of Companies shows. Government of Singapore Investment Corporation (GIC), through its affiliate Viggo Investment, will be injecting Rs 867.5 crore ($100 million) while ICQNIC Capital will contribute a similar amount through its entity ISP VII-B Blocker GW. According to the filing, the company will use these proceeds for the growth of its existing business and its subsidiaries. Following the fresh proceeds both ISP Blocker and Viggo Investment will hold 1.43% each. As per Entrackr’s estimates, Groww will be valued at $7 billion post-money. Groww has raised close to $600 million so far from investors including Peak XV, Tiger Global, Ribbit Capital, and YC Continuity. The company was last valued at approximately $3 billion after securing $251 million in its Series E round in October 2021. According to a company internal document, Groww reported a 31% jump in its revenue to Rs 4,056 crore in FY25 whereas its profit jumped 3X jump to Rs 1819 crore in the same period. Groww reported revenue of Rs 3,145 crore and an operating profit of Rs 545 crore in FY24. However, it paid a one-time tax of Rs 1,340 crore for shifting domicile to India, leading to a net loss of Rs 805 crore in FY24. Its audited financial numbers for the fiscal year ending March 2025 has yet to be reported with the RoC.

Exclusive: Captain Fresh lines up debt funding before public listing

EntrackrEntrackr · 15d ago
Exclusive: Captain Fresh lines up debt funding before public listing
Medial

Exclusive: Captain Fresh lines up debt funding before public listing B2B seafood supply chain company, Captain Fresh is raising Rs 45 ($5.3 million) in debt funding from Lighthouse Canton and Stride Ventures ahead of its planned initial public offering (IPO). The Bengaluru-based company recently transitioned into a public entity, as exclusively reported by Entrackr a couple of weeks ago. As per its filings with the Registrar of Companies (RoC), Captain Fresh’s board has passed resolutions to issue 4,500 non-convertible debentures (NCDs) with a face value of Rs 1,00,000 each to raise the aforementioned amount. Notably, the company has already received Rs 30 crore from Lighthouse Cantor, with the remaining amount expected to follow shortly. The Tiger Global-backed company reportedly plans to file its IPO papers in mid-August and is in talks to raise $50–75 million in a pre-IPO round ahead of its proposed $400 million initial public offering. It has also roped in Axis Capital and Bank of America (BofA) as lead bankers for the issue. Founded in 2019 by Utham Gowda, Captain Fresh is a multi-species seafood brand that provides a platform for sourcing and supplying animal protein, including fish, crabs, lobsters, and other seafood. According to the startup data intelligence platform TheKredible, Captain Fresh has raised over $200 million to date, including a $30 million pre-IPO round in January this year from Prosus, Accel, Tiger Global, and others. Matrix Partners, Accel, Tiger Global, Ankur Capital, and Prosus are some notable investors for Captain Fresh. While the company has yet to disclose its FY25 numbers, Captain Fresh’s gross revenue (GMV) rose 71% to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The company also reduced its net loss by 22%, bringing it down to Rs 229 crore in the same period.

Exclusive: Milky Mist to raise Rs 357 Cr in pre-IPO round

EntrackrEntrackr · 18d ago
Exclusive: Milky Mist to raise Rs 357 Cr in pre-IPO round
Medial

Dairy company Milky Mist is set to raise Rs 357 crore (around $42 million) in a pre-IPO funding round, according to a filing with the Registrar of Companies (RoC). However, the regulatory filing did not disclose the names of the investors participating in the pre-IPO round. The company also received the board’s nod for the fresh issue of Milky Mist’s equity shares worth Rs 1,785 crore ($210 million), according to a separate resolution reviewed by Entrackr. This development comes nearly two months after the company converted into a public entity, as exclusively reported by Entrackr. The planned IPO may also include an offer-for-sale component, potentially taking the total amount to be raised to over Rs 2,000 crore. The IPO is expected to value the company at approximately $2.3 billion, with JM Financial, IIFL Capital, and Axis Bank likely to serve as the lead managers. Milky Mist’s board has also approved the launch of a new ESOP pool, named the ‘Milky Mist Dairy Food – ESOP Scheme 2025,’ comprising 1 crore equity shares at a face value of Rs 2 each, with a minimum vesting period of one year, filing added. Founded by T. Sathish Kumar, Milky Mist follows a farm-to-fork model, sourcing milk directly from farmers and producing over 150 SKUs across 20 categories such as curd, paneer, ghee, and cheese. It sells products online and manages its full supply chain, with distribution mainly focused in South India. In the fiscal year ended March 2024, the company reported a 33% year-on-year revenue growth to Rs 1,900 crore. However, its profit dropped to Rs 19.46 crore in FY24, down from Rs 28 crore in the previous fiscal.

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