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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.

Bluestone board approves Rs 1,000 Cr IPO, CEO invests Rs 75 Cr

EntrackrEntrackr · 7m ago
Bluestone board approves Rs 1,000 Cr IPO, CEO invests Rs 75 Cr
Medial

Omnichannel jewellery retailer Bluestone appears close to filing a draft red herring prospectus (DRHP) as it has received the board’s approval for an initial public offering worth Rs 1,000 crore ($120 million) through a mix of fresh issues and offers for sale. According to company filings accessed by Entrackr, the board at Bluestone has passed a special resolution to approve its initial public offer of equity shares amounting to Rs 1,000 crore. The equity shares are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The utilization of the fresh proceeds to be raised via the IPO will be disclosed in the offer documents, the filings added. Bluestone has also passed a resolution to issue 13,00,000 equity shares to Gaurav Singh Kushwaha, the founder and CEO of the company, to raise Rs 75 crore ($9 million). The fresh investment by Kushwaha is aimed at meeting the minimum capital requirement for promoter shareholders, as mandated by the Issue of Capital and Disclosure Requirements (ICDR) regulations. As of now, Kushwaha’s aggregate shareholding, eligible for computing the minimum promoter contribution requirement for the company’s proposed IPO, stands at 9.15%, according to the filings. In September, Bluestone initiated its pre-IPO round worth Rs 900 crore. According to sources, Bluestone plans to price its IPO shares between Rs 550 -600 each. Data from TheKredible indicates that the company's post-money valuation reached approximately Rs 7,750 crore (around $922 million) excluding ESOP, following its latest private funding round. During the previous fiscal year (FY24), Bluestone reported a 64% year-on-year growth in revenue, reaching Rs 1,266 crore from Rs 771 crore in FY23. Simultaneously, the company managed to reduce its losses by 15%, bringing them down to Rs 142 crore in FY24. Titan-owned CaratLane, a competitor to BlueStone, reported revenue of Rs 3,081 crore in the last fiscal year (FY24). The company remained profitable during the year; however, its profit saw a slight decline, dropping to Rs 79 crore in FY24 from Rs 82 crore in FY23.

Bluestone files DRHP for Rs 1,000 Cr IPO; Saama, Kalaari to exit

EntrackrEntrackr · 7m ago
Bluestone files DRHP for Rs 1,000 Cr IPO; Saama, Kalaari to exit
Medial

Omnichannel jewellery retailer Bluestone has filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO) on Thursday. The firm has proposed to raise funds through a fresh issue of equity shares aggregating up to Rs 1,000 crore (approximately $119 million) and an offer for sale (OFS) of up to 2.398 crore equity shares, according to the DRHP. Accel Capital will divest 14.6% of its holding in the offer for sale (OFS) while Iron Pillar and Sunil Kant Munjal will offload 31.9% and 51.6%, respectively. Samma Capital, Ivycap Ventures, and Kalaari Capital will take a complete exit from the company in OFS. The fresh issue and OFS will be allotted at a face value of Re 1 while the company will decide the price band and minimum lot band in consultation with the book-running lead managers shortly. According to the DRHP, Accel Capital is the largest external stakeholder with 12.25% followed by Sunil Kant Munjal (Hero Enterprise) and Kalaari Capital and MIH Investment which hold 5.65%, 5.15%, and 4.43%, respectively. Peak XV, Iron Pillar, Steadview, and Kamath Associates are some other notable investors in Bluestone. Axis Capital, IIFL Capital, Kotak, and Kfintech are the book-running lead managers of the issue. In September, Bluestone launched a pre-IPO funding round worth Rs 900 crore. According to data from TheKredible, the company’s post-money valuation reached approximately Rs 7,750 crore ($922 million) after the latest tranche from the company’s founder and CEO Gaurav Singh Kushwaha. For the quarter ending in June 2024, Bluestone reported Rs 348.2 crore in revenue from operations with a loss of Rs 59.2 crore in the same period. In the previous fiscal year (FY24), Bluestone achieved a 64% year-on-year growth in revenue, increasing to Rs 1,266 crore from Rs 771 crore in FY23. During the same period, the firm reduced its losses by 15%, bringing them down to Rs 142 crore in FY24. Bluestone provides jewellery collections for both men and women, available through its website and network of offline stores. According to the DRHP, it operates over 203 stores across 86 cities.

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

EntrackrEntrackr · 21d 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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