Online Jewellery Store BlueStone Aims to Secure $9 Million in Debt Financing Through Trifecta Capital

BlueStone logo

Three points you will get to know in this article:

  • BlueStone plans to use the funding to run its business smoothly and fuel its growth ambitions.
  • At a valuation of $440 million (3,652 Crores approx), BlueStone is seeking $65 million (529.64 crores approx) from investors, including Nikhil Kamath
  • In its initial public offering, the omnichannel jewellery startup plans to raise about INR 2,000 crores
Trifecta Capital Logo

Introduction to Jar

BlueStone is an online jewellery shopping store in India that offers gold and diamond jewellery with the latest designs The company is backed by prominent figures like Ratan Tata and Nikhil Kamath, and it is reportedly planning a significant IPO Ratan Tata, Nikhil Kamath-backed BlueStone Jewellery plans

Funding and Valuation

BlueStone, a dynamic jewelry startup, is in the process of securing $9 million (approximately INR 75 crore) in debt funding from the esteemed venture capital firm Trifecta Capital. Just last month, the forward-thinking team at BlueStone, headquartered in Bengaluru, took a significant step by passing a resolution to allocate ‘Series X1 Debentures’ to Trifecta Venture Debt Fund-III for the mentioned sum.

This injection of capital is slated to fuel BlueStone’s ongoing operations and bolster its ambitious expansion endeavors.

This exciting development follows recent reports indicating BlueStone’s pursuit of a substantial funding round totaling approximately $65 million or INR 550 crore. Notable investors involved in this endeavor include Nikhil Kamath, Deepinder Goyal, the visionary behind Zomato, as well as prominent entities such as Info Edge and the respected Manipal Group led by Ranjan Pai. The valuation, hovering around INR 3,600 crore or roughly $440 million, speaks volumes about the confidence investors have in BlueStone’s potential.

IPO Plans

According to a recent report from ET, the startup is gearing up to enter the public domain, aiming to generate INR 2,000 Cr through its initial public offering (IPO). This offering will encompass a fresh allocation of shares alongside an offer-for-sale component, allowing current stakeholders to collectively divest a 10-15% share in the company.

Company Overview and Leadership

Established in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone is a jewelry startup embracing an omnichannel approach, boasting an array of over 8,000 designs spanning rings, pendants, earrings, and more. Noteworthy is the recent appointment of Sudeep Nagar, who was promoted from Chief Operating Officer to the esteemed position of co-founder last year.

Financial Performance

In March 2022, BlueStone secured a hefty $30 million investment in a funding round spearheaded by Sunil Kant Munjal of Hero Enterprises. Throughout the fiscal year 2023, the startup encountered a notable spike in its net loss, soaring by 183% to INR 167 crore from the previous INR 59 crore in FY22, excluding exceptional expenses. However, there’s a silver lining as operating revenue witnessed a robust 67% surge, climbing to INR 771 crore from INR 461 crore in FY22.

Industry Landscape and Competition

In the bustling startup realm, BlueStone finds itself in the ring with formidable contenders such as CaratLane, Melorra, and GIVA. Notably, Tata Group’s Titan completed the acquisition of the remaining 27% stake in Caratlane, amounting to a substantial INR 4,621 crore last year. Meanwhile, GIVA scored big with a $33 million injection in its Series B funding round, led by Premji Invest in July 2023.

BlueStone, a dynamic jewelry startup, secures $9 million in debt funding from Trifecta Capital, with plans for a $65 million funding round. Notable investors like Nikhil Kamath and Deepinder Goyal show confidence as BlueStone’s valuation hits INR 3,600 crore. The startup prepares for a public offering aiming to raise INR 2,000 crore. Founded in 2011, BlueStone focuses on an omnichannel approach, with recent leadership updates. Despite a spike in net loss, the company’s operating revenue sees a robust increase. Competing with industry giants like CaratLane, Melorra, and GIVA, BlueStone continues its growth trajectory.

SA Team

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