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Exclusive: IPO-bound Bluestone raises Rs 100 Cr debt from Neo Markets

EntrackrEntrackr · 1y ago
Exclusive: IPO-bound Bluestone raises Rs 100 Cr debt from Neo Markets
Medial

Omnichannel retailer Bluestone has raised Rs 100 crore or $12 million in debt from Neo Markets. This is the third debt investment for the Bengaluru-based company this year. The board at Bluestone has passed a special resolution to issue 10,000 debentures at Rs 1,00,000 each to raise the above-mentioned sum, its regulatory filings sourced from the Registrar of Companies show. The development has come at a time when the Peak XV-backed company reportedly aims to raise $100 million in its pre-IPO round. As per media reports, the pre-IPO funding will be a mix of primary and secondary where the early backers may score hefty returns. The company has raised around $190 million to date including $66 million from Ranjan Pai and others in September last year. According to the startup data intelligence platform TheKredible, Accel is the largest stakeholder amongst investors with 21.2% followed by Kalari Capital which holds 12.35% of the company. Founded in 2011 by Gaurav Singh Kushwaha, Bluestone provides an extensive jewelry 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 FY23, the firm achieved 65% year-on-growth and its collection stood at Rs 787 crore while its losses dwindled 87% to Rs 167 crore. It’s yet to file its annual results for FY24. It directly competes with Melorra, Giva, and CaratLane. Titan, which owned 99.64% stake in CaratLane, recently said that it will buy the remaining 0.36% stake of the company for Rs 60.08 crore ($7.2 million).

Spintly raises $8 Mn from Accel, ENRISSION India and others

EntrackrEntrackr · 19d ago
Spintly raises $8 Mn from Accel, ENRISSION India and others
Medial

Spintly raises $8 Mn from Accel, ENRISSION India, and others Proptech startup Spintly has raised undisclosed funds from ENRISSION India Capital as part of its $8 million Series A round. The round was led by Accel, with participation from Chakra Growth Fund, Alumni Ventures, and Spyre VC. The brand had previously raised Rs 3.5 crore in an extended seed funding round led by Spyre VC and others in January last year. Prior to that, it had raised $5.36 million from Letsventure, Riso Capital, Sucseed Indovation, and Accel Nest. The new proceeds will be used to accelerate product development, expand global operations, and strengthen AI capabilities. Spintly is targeting enterprise customers managing access across large commercial spaces and multi-location facilities. Founded by Rohin Parkar, Spintly builds a wireless access control system powered by its proprietary BLE mesh network technology. The platform enables enterprises to deploy access control infrastructure without traditional wiring, reducing installation time and retrofit complexity. The system also supports secure access management and local log storage during power outages. Spintly operates across India, the Middle East & Africa, and the United States. The firm combines wireless hardware infrastructure with software-led controls and is integrating AI-driven intelligence into existing camera infrastructure to enhance security analytics for commercial facilities.

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