Funding · Commerce & Consumer Brands

BlueStone raises $16.5 million in debt and equity funding

By Startup Enthusiast · 26 March 2024

What they do

BlueStone is a multichannel jewelry startup offering over eight thousand unique designs across gold, diamond, and platinum categories

The board approved resolutions to raise approximately sixteen point five million dollars through debt and Series G compulsory convertible cumulative…

The fresh capital will support ongoing business operations and retail expansion as the company eyes a potential initial public offering

Fine jewelry startup BlueStone is starting a fundraising campaign to secure approximately $16.5 million in a mix of debt and equity.
The board of directors approved resolutions to obtain INR 100 crore in debt financing from Innoven Capital.
The enterprise received clearance to acquire INR 37.7 crore via Series G compulsory convertible cumulative preference shares for equity.
Equity participants in this round include Ashwin Kedia, Sankar Bora, and Innoven Capital India.
The startup intends to use the capital injection to fuel business operations and drive its retail expansion initiatives.
The company is reportedly preparing for an initial public offering to raise INR 2,000 crore with a potential offer-for-sale component.

The financing follows a $9 million debt infusion from Trifecta Capital.
Operating revenue reached INR 771 crore in FY23, marking a 67% increase from the previous period.
Losses excluding one-time items widened by 183% to INR 167 crore during the same fiscal year.

BlueStone operates as an online and physical jewelry retailer founded in 2011 with a presence across more than 125 cities nationwide.
The platform offers a catalog of over 8,000 certified designs including rings, pendants, earrings, mangalsutras, and bracelets.
Customers can access products through the e-commerce website or via physical retail stores spread across the country.
The company provides customer benefits such as a lifetime exchange and buyback policy alongside free shipping on online orders.

Expand business operations and retail footprint across various markets.
Pursue a public listing through an initial public offering to raise INR 2,000 crore.

Innoven Capital (lead) — Provides venture debt and equity financing to growth-stage startups.
Ashwin Kedia (participated) — Individual equity investor.
Sankar Bora (participated) — Individual equity investor.
Innoven Capital India (participated) — Venture debt and investment firm.