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IPO-bound jewellery platform BlueStone is looking to raise fresh capital at a unicorn valuation of INR 11,500 Cr (around $1.15 Bn).

As per a document accessed by Inc42, BlueStone is inviting investors to infuse pre-IPO capital in the company, which will boost the company’s valuation to more than $1 Bn. Besides, the company is aiming for an IPO valuation of INR 13,000 Cr.

The document further shows that BlueStone is offering this entry point to investors at 13% discount from its IPO valuation.

Inc42 has reached out to BlueStone for comments. The story will be updated based on the response.

Furthermore, BlueStone is expecting a 38% jump in its total revenue in FY25.

An ET report, citing sources, said that BlueStone’s existing backers 360 One and Centrum Wealth are looking to sell their stakes. The company is eyeing to raise INR 300 – 350 Cr in the fresh funding round.

It is pertinent to note that last year, to $970 Mn. The round saw participation from a clutch of investors including Peak XV Partners, Prosus, Steadview Capital, Think Investments and Pratithi Investments.

Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone is an omnichannel jewellery company that offers more than 8,000 designs across rings, pendants, earrings and other products. It competes with the likes of CaratLane, GIVA, and other legacy jewellery brands.

The company filed a draft red herring prospectus (DRHP) for its INR 1,000 Cr IPO with the market regulator SEBI in December 2024. It got SEBI’s nod in April.

BlueStone’s IPO comprises a fresh issue of shares worth up to INR 1,000 Cr and an OFS component of 2.4 Cr equity shares.

(The story will be updated soon.)

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