Bluestone in Talks with Peak XV Partners, Steadview Capital for Pre-IPO Round: Report

The pre-IPO round will reportedly combine share sales by early investors with new capital, aiming to value the omnichannel retailer at approximately Rs 7,500 crore ($900 million) before the infusion.

Outlook Start-Up Desk

Updated on: 18 June 2024 11:53 am

Bluestone, a jewellery brand, is in talks to negotiate an investment of around Rs 830 crore from Peak XV Partners, Steadview Capital, and Think Investments. This is as per a report by the Economic Times.

The pre-IPO round will combine share sales by early investors with new capital, aiming to value the omnichannel retailer at approximately Rs 7,500 crore ($900 million) before the infusion, as per the report.

Venture capital firm Peak XV Partners will reportedly invest around Rs 415 crore in the round. A source speaking to the Economic Times said, “Peak XV is in talks to lead the funding amid a wider inclination for venture funds to tap domestic brands and offline retailers.”

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Further, some family offices via special-purpose vehicles might also reportedly participate in the round. The round is expected to be closed in the next few days.

In September 2023, Bluestone raised $65 million from a group of investors at a valuation of $410 million. The group of investors included Zomato founder Deepinder Goyal, Zerodha’s Nikhil Kamath, Manipal Group chairman Ranjan Pai, and others. Now, the current valuation of the company would be double the previous September valuation.

Founded in 2011, Bluestone claims itself to be a leading destination for high-quality fine jewellery with strikingly exquisite designs. The company says that they claim to revolutionize the fine jewellery and lifestyle segments in India.

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Accel and Kalari Capital are two of the early investors in the company, which owns more than 30 percent of the company. Iron Pillar, Saama Capital, RB Investments, IvyCap, and InfoEdge Ventures are the other investors that reportedly hold 20 percent of the company.

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Bluestone has both an online and offline presence. The company has around 200 stores and reportedly aims to expand to 500–600 in the upcoming years. The jewellery industry in India is growing. In 2023, the Indian jewellery market was valued at $85.52 billion and is projected to grow at a CAGR of 5.7 per cent from 2024 to 2030, as per Grand View Research.