Bluestone Raises Rs 900 Cr In Pre-IPO Round, Valuation Reaches Rs 8,100 Cr: Report
Founders Gaurav Singh Kushwaha and Ganesh Krishnan own approximately 14 per cent of the business, according to media reports.
Jewellery retailer Bluestone has successfully secured Rs 900 crore in a pre-IPO funding round, elevating the company’s valuation to Rs 8,100 crore (around $970 million), according to media reports.
Supported by Accel, Bluestone is now preparing to file its draft red herring prospectus (DRHP) for an initial public offering (IPO) with the stock market regulator later this year. This pre-IPO round has played a pivotal role in setting a valuation benchmark for the company, as per media reports.
In secondary sales, funds are exchanged between existing investors, without directly benefiting the company, unlike primary share sales, according to media reports.
Investors, including Peak XV Partners, Prosus, Steadview Capital, Think Investments, and Pratithi Investments—the family office of Infosys co-founder Kris Gopalakrishnan—contributed to this funding round, according to media reports. Out of the Rs 900 crore raised, Rs 600 crore came from primary capital, while Rs 300 crore was generated through secondary share sales.
Kalaari Capital, one of Bluestone’s early investors, partially exited the company, selling nearly half of its stake for Rs 300 crore, as per media reports.
Other investors in Bluestone, including Iron Pillar, Saama Capital, RB Investments, IvyCap, and InfoEdge Ventures, collectively hold about 20 per cent of the company. Founders Gaurav Singh Kushwaha and Ganesh Krishnan own approximately 14 per cent of the business, according to media reports.
