People · Commerce & Consumer Brands

Bluestone expands ESOP pool as COO receives grant

By Startup Enthusiast · 25 June 2025

What they do

Bluestone operates an online portal and physical retail stores across India to sell certified gold and diamond fine jewellery

The board approved adding over 42 lakh stock options to the ESOP pool, with COO Sudeep Nagar receiving a grant worth $11 million

This expansion values the total employee stock option pool at roughly $80 million ahead of the company's upcoming public listing

The fine jewellery seller Bluestone enlarged its staff incentive scheme by issuing 42,43,312 fresh stock options.
Board members cleared the proposal through a regulatory document filed with the Registrar of Companies.
The newly introduced options carry an estimated worth of ₹245 crore, translating to roughly $29 million.
Chief Operating Officer Sudeep Nagar secured a major share of this allocation valued at ₹92.6 crore or $11 million.
Following this adjustment, the cumulative valuation of the employee stock reserve reached ₹678 crore, equivalent to about $80 million.
These calculations stem from the enterprise's preceding fundraising cycle wherein it secured a ₹900 crore pre-IPO infusion spearheaded by Prosus.

The firm submitted its initial share-sale paperwork to market regulators in December 2024 to pursue a public flotation combining fresh shares and secondary sales.
Early institutional backers including Samma Capital, IvyCap Ventures, and Kalaari Capital aim for a complete exit during the impending market debut.

BlueStone is a prominent digital and physical fine ornament seller established in 2011 with its headquarters situated in Bengaluru.
The business provides an extensive catalog encompassing upwards of 7,000 distinct creations spanning rings, pendants, earrings, and bangles.
It runs a blended retail network merging a robust web storefront with brick-and-mortar showrooms spread across numerous urban centers nationwide.
Every ornament piece receives authentication guarantees from recognized validators such as the BIS Hallmark, IGI, and GSI.
Buyer perks feature a permanent exchange and buyback facility, complimentary delivery on web purchases, and a 30-day refund guarantee.
Gross turnover for the organization touched ₹1,266 crore during the financial year 2024, reflecting a 64% rise over the preceding fiscal period.

The firm plans to proceed with its initial public offering following regulatory approvals.

Prosus (lead) — Global consumer internet group holding a stake through its fund MIH Investments One B.V.
Accel (participated) — Venture capital firm backing early and growth stage startups.
Peak XV Partners (participated) — Prominent venture capital investor across Asian markets.
Kalaari Capital (participated) — Early-stage venture capital firm investing in technology-driven businesses.