Jewellery retailer Bluestone has raised ₹900 crore in its latest funding round, elevating its valuation to $970 million. The investment round saw participation from key players including Prosus and Peak XV Partners, with Kalaari Capital partially exiting by selling a portion of its stake.
The Bengaluru-based company is preparing to file its draft red herring prospectus with the stock market regulator this year, marking a significant step toward its initial public offering (IPO). The recent funding includes ₹600 crore in primary capital and ₹300 crore from a secondary share sale, with Prosus investing around ₹350 crore and Peak XV Partners and Steadview Capital each contributing over ₹200 crore.
Founded in 2011, Bluestone plans to use the new capital to drive aggressive expansion, aiming to increase its number of offline stores from 220 to 400 within the next 12-18 months. The company is expected to report ₹1,200 crore in revenue for FY24, demonstrating substantial growth from the previous fiscal year.
This funding round sets a new valuation benchmark for Bluestone as it moves forward with its IPO plans. The jewellery sector has seen increased investor interest recently, following Titan’s acquisition of Caratlane and growing market confidence in omnichannel jewellery platforms.
Bluestone’s expansion strategy and robust financial performance are positioning it as a strong candidate for its upcoming IPO, with investors keenly watching its progress.
hii Aditi Sahu this side..
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