Bengaluru-based BlueStone Jewellery and Lifestyle, a prominent startup in India’s jewellery sector, has announced its intention to file for an initial public offering (IPO) worth Rs 1,000 crore, signaling confidence in its future growth and potential to disrupt the competitive jewellery market.
Founded in 2011 by Vidya Nataraj and Gaurav Kushwaha, BlueStone has carved out a niche by offering modern, high-quality designs in diamonds, gold, and platinum. The company distinguishes itself through a combination of a robust online and offline presence. Its e-commerce platform reaches 12,600 pin codes across India, and it also delivers internationally to countries like the United States and the United Kingdom. Additionally, BlueStone operates 203 stores, either company-owned or franchised, further expanding its footprint.
The IPO will include a fresh issue of shares and an offer-for-sale (OFS) from investors such as Kalaari Capital, Saama Capital, and Hero Enterprise Partner Ventures. Kalaari Capital, a key investor, plans to sell over 70 lakh shares, marking a significant portion of the offering.
Proceeds from the IPO will be used strategically, with Rs 750 crore allocated for working capital and general corporate expenses. The move comes at a time when BlueStone has shown impressive financial growth, with revenue rising to Rs 1,266 crore in FY24—an increase of 64% compared to the previous year. While the company has yet to achieve profitability, it has made strides in narrowing its net loss by 15%, bringing it down to Rs 142 crore.
BlueStone’s jewellery designs are crafted in-house at three manufacturing facilities in Mumbai, Jaipur, and Surat. These facilities are key to maintaining a streamlined production process and supporting the company’s distinctive design philosophy.
The decision to go public underscores the growing confidence in India’s jewellery market, which is shifting toward modern, tech-driven brands. Over the years, BlueStone has attracted $225 million in investments from notable backers such as Peak XV Partners, MIH Investments, and Steadview Partners, further solidifying its position in the sector.
As BlueStone prepares to tap into the public market, all eyes will be on how the company navigates the challenges of scaling in a competitive industry. While its future prospects appear strong, only time will tell if the company’s bold move will transform it into a game-changer in the jewellery space.
Related topic:
Taylor Swift Sparks Jewelry Craze for Melinda Maria’s Necklace
Alana Hadid Champions Personalized Commitment Jewelry with The Marqe
Julianne Moore Shines in Iconic Jewelry at Major Events
