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Funding · Commerce & Consumer Brands

Bluestone secures rs 100 crore debt funding from neo markets

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Date
Company
BlueStone
What it does
Omnichannel fine jewellery retailer
Kind
Funding
Amount
Rs 100 crore
Stage
Debt
Based in
Bengaluru
Founded
2011
Sector
Commerce & Consumer Brands

What they do

Bluestone is an omnichannel fine jewellery retailer that operates an e-commerce website and an extensive network of physical stores across India

What happened

The Bengaluru-based company raised one hundred crore rupees in debt from Neo Markets by issuing ten thousand debentures through a special board resolution

Why it matters

This capital infusion marks the company's third debt financing round this year as it reportedly prepares for a larger pre-IPO round

The details

  • Omnichannel jewellery retailer Bluestone raised Rs 100 crore (approximately $12 million) in debt from Neo Markets.
  • Directors cleared a formal proposal to release 10,000 debt instruments priced at Rs 1,00,000 apiece in exchange for the capital.
  • This transaction represents the third time the Bengaluru-based enterprise has borrowed funds via debt instruments within the year.
  • The capital injection arrives as the firm reportedly plans to raise $100 million in a forthcoming pre-IPO round.
  • The planned pre-IPO round is anticipated to combine primary and secondary investments to provide returns to early backers.

The bigger picture

  • The funding strengthens the company's financial position and supports its ongoing retail expansion and operational goals ahead of a public listing.
  • The firm previously raised $66 million from Ranjan Pai and other investors in September of the previous year, bringing total funding to approximately $190 million.

About the business

  • Bluestone operates as an online and offline fine jewellery retailer offering thousands of certified designs for men, women, and children.
  • The company sells products through its official e-commerce portal and a widespread physical retail footprint spanning over 190 stores across 75 cities.
  • Product categories include gold and diamond rings, earrings, pendants, mangalsutras, bangles, engagement rings, and bracelets.
  • The platform provides customer benefits such as a Lifetime Exchange and Buyback Policy, a 30 Days Money Back guarantee, and free shipping on online orders.
  • Revenue reached Rs 787 crore in the fiscal year ending March 2023, accompanied by a reduction in annual losses.

What happens next

  • Raise $100 million in an upcoming pre-IPO funding round combining primary and secondary investments.
  • Expand the offline retail network and pursue continued operational growth.

The deal

Type
Debt

Investors

  • Neo Markets (lead) — Debt provider that invested one hundred crore rupees into the company.
  • Accel (existing) — Holds a **21.2%** stake as the largest investor in the company.
  • Kalaari Capital (existing) — Holds a **12.35%** stake in the company.
  • Peak XV Partners (existing) — Backer supporting the company's growth and pre-IPO plans.

Founders

  • Gaurav Singh Kushwaha, Founder and CEO

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