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Stake sale · Commerce & Consumer Brands

BlueStone eyes unicorn status through secondary share sales

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Date
Company
BlueStone
What it does
Omnichannel fine jewellery retailer
Kind
Stake sale
Amount
₹300–350 crore
Stage
pre-IPO
Based in
Bengaluru
Founded
2011
Sector
Commerce & Consumer Brands

What they do

BlueStone operates an omnichannel [selling through both digital platforms and physical stores] fine jewellery retail business offering certified designs…

What happened

Private wealth management arms of 360 One and Centrum Wealth are facilitating secondary deals [transactions where existing shares are sold to new investors…

Why it matters

The transaction values the Bengaluru-based startup at ₹10,500 crore ($1.2 billion), marking a 30% increase from its previous valuation in August 2024

The details

  • Private wealth management arms of 360 One and Centrum Wealth are facilitating secondary deals worth ₹300–350 crore in fine jewellery retailer BlueStone.
  • The transactions will value the Bengaluru-based company at ₹10,500 crore ($1.2 billion), which is about 30% higher than its ₹8,100 crore valuation from August 2024.
  • Singapore-based family office RB Investments is fully exiting the company by selling its 2–3% stake through these deals.
  • RB Investments is positioned to achieve a 10–12x multiple on its capital after deploying roughly ₹28–30 crore into BlueStone over several tranches between 2016 and 2019.
  • BlueStone previously submitted its preliminary share sale papers to the Securities and Exchange Board of India (Sebi) during December before obtaining clearance in April.
  • The upcoming public flotation features a primary share issuance targeted at ₹1,000 crore alongside an offer-for-sale mechanism covering nearly 24 million equities.
  • Investors such as Accel, Saama Capital, IvyCap Ventures, and Kalaari Capital will sell portions of their stakes through the public offering.

The bigger picture

  • The pre-IPO secondary deals are taking place due to strong interest from high net-worth individuals and domestic family offices seeking exposure before the public listing.
  • Investor interest in the Indian jewellery sector has surged following the Tata Group's full acquisition of CaratLane at a valuation of ₹17,000 crore.

About the business

  • BlueStone is an omnichannel fine jewellery retailer founded in 2011 and headquartered in Bengaluru.
  • The company offers over 7,000 certified jewellery designs across more than 100 collections, spanning gold, diamond, platinum, and gemstone items.
  • Product categories include rings, earrings, pendants, mangalsutras, bangles, and children's jewellery.
  • The business operates an extensive network of retail stores across more than 125 cities nationwide alongside its e-commerce portal.
  • Customer benefits include a lifetime exchange and buyback policy, a 30-day money-back guarantee, free shipping, and a monthly savings plan called the Gold Mine 10+1 plan.
  • The company closed fiscal year 2024 with ₹1,266 crore in revenue, representing a 64% increase from the previous year.
  • Net loss for fiscal year 2024 contracted to ₹142 crore down from ₹167 crore in fiscal year 2023.
  • During the first three quarters of fiscal year 2025, operating revenue reached ₹348 crore with a net loss of ₹59 crore.

What happens next

  • Finalise pricing for the upcoming initial public offering.
  • Execute the public market debut following regulatory approval from Sebi.

The deal

Type
secondary sale

Investors

  • RB Investments (seller) — Singapore-based family office that invested in Indian companies such as Swiggy, Giva, and Rebel Foods.
  • Accel (existing) — Institutional venture capital firm participating in the upcoming public offering's offer-for-sale.
  • Saama Capital (existing) — Venture capital investor participating in the offer-for-sale component.
  • IvyCap Ventures (existing) — Venture capital fund participating in the offer-for-sale component.
  • Kalaari Capital (existing) — Early-stage venture capital firm participating in the offer-for-sale component.

Founders

  • Gaurav Singh Kushwaha, Founder and CEO

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