Bengaluru-based BlueStone Jewellery and Lifestyle startup has struck headlines lately with its decision to file for an IPO worth Rs 1,000 crore. The move is a gesture of confidence for the company in its growth and simultaneously become potential to make a mark in the competitive jewellery market.
BlueStone was founded by Vidya Nataraj and Gaurav Kushwaha in 2011. Since then it has carved a niche for itself by offering modern designs in diamonds, gold and platinum. The startup stands out for its mix of online and offline presence. Its e-commerce platform delivers to 12,600 pin codes across India. It also delivers internationally in countries like the US and UK. It currently operates from 203 stores either company-owned or franchised.
The IPO includes a fresh issue of shares and an offer-for-sale (OFS) from investors like Kalaari Capital, Saama Capital and Hero Enterprise Partner Ventures. Kalaari plans to sell over 70 lakh shares and it is a significant chunk of the offering.
BlueStone has outlined plans for its IPO proceeds equipped with Rs 750 crore set aside for working capital and general corporate expenses. The financial boost seems timely as it has witnessed impressive growth. Its revenue reached to Rs 1,266 crore in FY24 and it is up by 64% from the previous year. It is not profitable but BlueStone managed to narrow its net loss by 15% to Rs 142 crore.
All the jewelleries of BlueStone are designed in-house from three manufacturing facilities across Mumbai, Jaipur and Surat. The facilities ensure a streamlined production process while supporting the unique design philosophy.
The move to go public reflects the growing confidence in India’s jewellery sector. The industry is currently witnessing a shift toward modern and tech-driven brands. Investors like Peak XV Partners, MIH Investments and Steadview have shown their faith in BlueStone by backing it with $225 million over the years.
It is clear that BlueStone is betting big on its future. However, it is yet to witness the market embraces its bold move and will BlueStone become a game-changer in the jewellery industry.