BlueStone raises Rs 900 crore, gears up for IPO

Fine jewellery brand BlueStone has raised Rs 900 crore as it prepares to file its draft red herring prospectus for its planned initial public offering. The funding round also doubled the business’ valuation which now totals Rs 8,100 crore.

“Of the total funding round, Rs 600 crore is in primary capital infusion while the rest is in secondary share sale,” a source close to the development told ET Bureau. “Prosus has put in about Rs 350 crore while Peak and Steadview have invested over Rs 200 crore each.”
 
BlueStone has received backing from Accel and plans to file its draft red herring prospectus for its IPO this calendar year, ET Retail reported. The business closed this pre-IPO funding round to set the valuation benchmark for its IPO.
 
The funding round saw Kalaari Capital sell off part of its stake in the business. Kalaari Capital is one of BlueStone’s early stage investors and held approximately a 12.3% stake in the business following its funding round in September 2023.
 
BlueStone retails jewellery and watches and counts over 200 brick-and-mortar stores, according to its Facebook page. With 100% Bureau of Indian Standards hallmarked goods, the brand also retails from its direct to customer e-commerce store.