BlueStone raises $30 million, plans IPO by end of fiscal 2022-23

(Representative image)

Omnichannel jewellery retailer BlueStone has raised over $30 million in funding at a valuation of $410 million, led by Sunil Kant Munjal, Chairman, Hero Enterprise. 

Additionally, the company is planning an initial public offering (IPO) of Rs 2,000 crore by end of the new fiscal 2022-23, wherein the company is likely to dilute 10-12 percent stake. “We have started work on it, but it is currently in the initial stages,” said Gaurav Singh Kushwaha, Founder and CEO of BlueStone. 

With this round of funding, Bluestone is planning to step up its manufacturing and technology capabilities. Moreover, the company is focusing to bring product differentiation, add offerings and expand its omnichannel capabilities.

The Ratan Tata-backed company currently has around 70 stores and plans to launch 100 more stores in the next fiscal year, with a cumulative footprint of 300 stores projected by 2024. “We aim to further strengthen our omnichannel presence in metros as well as the smaller towns and cities,” said Singh.

In the fiscal year ending March 2022, the company will record revenue of Rs 500 crore (a growth of 85% over the previous fiscal year), with break-even achieved. Moreover, in the next two years, the company plans to clock annual revenue of more than Rs 2,000 crore.

Founded in 2011, BlueStone is backed by investors including Ratan Tata, Accel, Kalaari, Iron Pillar, IvyCap and Saama Capital.

Sameer Nath, Co-Founder and Managing Partner of Iron Pillar, said, “In many consumer retail sectors, the Indian market tends to be a fraction of the US market. However, at $80 billion, the Indian jewellery market is almost the same size as the US. Given the massive TAM at play, BlueStone has a unique opportunity to sustain its growth trajectory and scale to its full potential.”