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IPO-bound Bluestone raises Rs 100 crore in debt from Neo Markets, says Report

ISN Team
New Update

Bengaluru-based omnichannel retailer Bluestone has reportedly raised Rs 100 crore in debt funding from Neo Markets. 

The board at Bluestone has passed a special resolution to issue 10,000 debentures at Rs 1,00,000 each to raise the above-mentioned sum, Entrackr reported citing the company's regulatory filings sourced from the Registrar of Companies show.

Raising $100M in a pre-IPO round

The timing of this development is crucial as Bluestone is reportedly looking to raise $100 million in a pre-IPO round. The pre-IPO funding will be a mix of primary and secondary sources, potentially providing substantial returns for early investors.


To date, Bluestone has raised around $190 million, including $66 million from investors like Ranjan Pai in September of the previous year.

Who are the major stakeholders in Bluestone?

Among Bluestone's investors, Accel is the largest stakeholder, holding 21.2% of the company. Kalari Capital follows with a 12.35% stake.

Bluestone, which was founded in 2011 by Gaurav Singh Kushwaha, has built a significant presence in the jewellery market. Through its website and a network of offline stores, it offers a wide collection for both men and women. The company operates over 190 stores across 75 cities.

Is it profitable?

Bluestone has shown consistent revenue growth while reducing its losses. In the fiscal year ending March 2023, the company achieved a 65% year-on-year growth, with its revenue collection reaching Rs 787 crore. During the same period, Bluestone's losses reduced by 87%, down to Rs 167 crore.