BlueStone Eyes $1.2B Valuation Ahead of IPO
With a soaring valuation, robust financial growth, and strong investor interest, BlueStone is poised to become India’s next unicorn as it readies for a landmark public market debut.
Introduction
BlueStone, one of India’s leading omnichannel jewellery brands gearing up for its IPO, is on track to achieve unicorn status. Recent secondary transactions and funding rounds have valued the Bengaluru-based company at approximately $1.2 billion (Rs 10,500 crore), marking a 30% jump from its last valuation. As BlueStone prepares for a major IPO, the company’s growth trajectory, investor exits, and financial performance are drawing significant attention in the startup and retail sectors.
BlueStone’s Valuation Soars: The Road to Unicorn Status
BlueStone’s journey toward unicorn status has accelerated in recent months. Recent secondary transactions involving existing and incoming investors have elevated the company’s valuation to ₹10,500 crore ($1.2 billion), a significant rise from ₹8,100 crore during its August 2024 funding round. This leap reflects both the company’s robust revenue growth and the bullish sentiment among investors toward India’s organised jewellery sector.
The unicorn milestone is not just symbolic; it signals BlueStone’s readiness to compete with legacy players and digital-first brands alike. The company’s omnichannel strategy, which blends online and offline retail, has enabled it to capture a broad customer base and adapt quickly to shifting market dynamics.
IPO Plans: Structure and Strategic Moves
BlueStone’s IPO preparations are in full swing. BlueStone submitted its DRHP to SEBI in December 2024 and received the regulatory nod in April 2025. The public offering is expected to include:
• A proposed ₹1,000 crore capital raise
• An offer-for-sale (OFS) of nearly 24 million shares, allowing early investors and venture capital funds to partially or fully exit their stakes
Major investors such as Accel, Saama Capital, IvyCap Ventures, and Kalaari Capital are set to participate in the OFS, while Singapore-based RB Investments will make a complete exit, reportedly earning a 10–12x return on its investment. Wealth management firms such as 360 One and Centrum Wealth are enabling secondary transactions valued between ₹300–350 crore in the run-up to the IPO.
Funding Momentum and Investor Confidence
BlueStone’s funding history underscores its appeal to both domestic and international investors. In August 2024, BlueStone closed a ₹900 crore funding round backed by investors such as Peak XV Partners, Prosus, Steadview Capital, Think Investments, and Pratithi Investments, led by Infosys cofounder Kris Gopalakrishnan. BlueStone raised ₹40 crore in debt financing from BlackSoil and Caspian Impact Investments in May 2025, further strengthening its financial position.
BlueStone’s rising valuation reflects the broader growth momentum within India’s jewellery industry. The Tata Group’s acquisition of CaratLane at a Rs 17,000 crore valuation has sparked renewed investor interest in omnichannel jewellery brands, with startups like Giva also attracting significant capital.
Financial Performance: Revenue Growth and Profitability Trends
BlueStone’s financials reflect a company in rapid expansion mode. The retailer posted revenues of ₹1,266 crore for FY24, marking a 64% year-on-year growth. Losses have narrowed as well, with the FY24 net loss shrinking to Rs 142 crore, down from Rs 167 crore in the previous year.
The momentum has carried into FY25, with BlueStone posting operating revenue of Rs 348 crore and a net loss of Rs 59 crore in the first quarter alone. This trajectory signals improving operational efficiency and a path toward profitability, a key consideration for public market investors.
Sector Context: Jewellery Retail’s Digital Revolution
BlueStone’s rise comes amid a broader digital transformation in India’s jewellery market. The company’s omnichannel approach—combining a strong online presence with physical stores—has given it an edge in a sector traditionally dominated by legacy brands. This model allows BlueStone to offer customers convenience, transparency, and a wide assortment of designs, while also building trust through in-person experiences.
Investor enthusiasm for the sector is also buoyed by the success of peers like CaratLane and the growing trend of organized retail in jewellery, which is rapidly eating into the market share of unorganized players.
Conclusion
BlueStone’s imminent unicorn status and IPO plans mark a watershed moment for India’s jewellery retail industry. With a $1.2 billion valuation, strong revenue growth, and a blend of digital and physical retail strategies, the company is well-positioned to capitalize on changing consumer preferences and investor appetite. As BlueStone readies for its public debut, its journey will be closely watched as a bellwether for the future of omnichannel retail and the broader startup ecosystem in India.
:
The image added is for representation purposes only
