Bluestone, an omnichannel retailer, has raised debt from Neo Markets totalling Rs 100 crore, or $12 million. For the Bengaluru-based business, this is its third debt investment of the year.
Based on its regulatory filings obtained from the Registrar of Companies, Bluestone’s board has decided to raise the aforementioned amount through the issuance of 10,000 debentures at a face value of Rs 1,00,000 each.
The announcement coincides with the company’s purported goal of raising $100 million for its pre-IPO round, which is backed by Peak XV. There will be a mix of primary and secondary funding for the pre-IPO, according to media reports, with the potential for large returns for early backers.
Including $66 million from Ranjan Pai and others in September of last year, the company has raised about $190 million to date. The media reports that with 21.2% of the company’s equity held by Accel, it is the largest investor, followed by Kalari Capital with 12.35%.
Bluestone, a jewelry retailer with a wide selection for men and women, was founded in 2011 by Gaurav Singh Kushwaha and is accessible online and at a number of physical locations. On its website, the company states that it has over 190 locations in 75 cities.
In the fiscal year that ended in March 2023, Bluestone maintained its revenue growth and reduced losses. The company saw 65% year-over-year growth in FY23, with revenue reaching Rs 787 crore and losses falling 87% to Rs 167 crore. The annual results for FY24 have not yet been filed.
Its competitors are CaratLane, Giva, and Melorra. Titan, the company that formerly held 99.64% of CaratLane, announced recently that it would purchase the remaining 0.36% of the business for Rs 60.08 crore ($7.2 million).
