Indian omnichannel jewelry retailer Bluestone is inching closer to achieving unicorn status – a coveted term for startups valued at over $1 billion – with a potential pre-IPO funding round.
This round, reportedly nearing completion, could see Bluestone secure close to $100 million, propelling its valuation past the coveted unicorn benchmark. The news comes as the company eyes an initial public offering (IPO) later this year, targeting a capital raise of INR 2,000 crore.
Bluestone’s growth trajectory has attracted significant investor interest. The pre-IPO round has drawn bids valuing the company at over $1 billion, with participation from existing investors and new entrants keen to capitalize on Bluestone’s success. This follows a funding round in 2023 that saw participation from prominent names like Zomato co-founder Deepinder Goyal and Zerodha co-founder Nikhil Kamath.
The pre-IPO funding, coupled with its omnichannel strategy and profitability target of March 2025, positions Bluestone for a strong public market debut. The company’s success story reflects the growing potential of Indian online retail, particularly in sectors like jewelry that have traditionally relied on brick-and-mortar stores.
Bengaluru-based Bluestone, a leading omnichannel jewelry brand, is poised to join the prestigious unicorn club with a potential pre-IPO funding round. This significant development comes as the company gears up for an initial public offering (IPO) later in 2024.
Eyeing a $1 billion Valuation: Industry reports suggest the pre-IPO round could fetch Bluestone close to $100 million, pushing its valuation comfortably above the unicorn threshold. This fundraising round has garnered interest from both existing and new investors, with some valuing the company at over $1 billion. This follows a successful funding round in 2023 that saw participation from prominent figures like Zomato’s Deepinder Goyal and Zerodha’s Nikhil Kamath.
Omnichannel Strategy Fuels Growth: Bluestone’s success can be attributed in part to its strategic blend of online and offline presence. This omnichannel approach caters to the evolving preferences of Indian consumers, who increasingly value a seamless shopping experience across platforms. The company’s focus on profitability, with a target of achieving it by March 2025, further strengthens its position for a successful IPO.
IPO Ambitions and Market Potential: Bluestone’s pre-IPO funding round signifies strong investor confidence in the company’s future. The targeted IPO, aiming to raise INR 2,000 crore, will provide the capital needed to fuel further expansion and solidify its position as a leader in India’s online jewelry market. Bluestone’s story exemplifies the immense potential of online retail in India, particularly in traditionally brick-and-mortar sectors like jewelry. The company’s success paves the way for a future where online players like Bluestone redefine the consumer experience within the Indian jewelry market.
