Omnichannel jewellery brand BlueStone is seeking to raise fresh capital at a unicorn valuation of INR 11,500 Cr ($1.15 Bn) as part of its pre-IPO round. According to documents accessed by Inc42, the Bengaluru-based company is offering investors a 13% discount from its anticipated IPO valuation of INR 13,000 Cr.
The company is currently inviting investments in a bid to strengthen its financial position ahead of its upcoming public listing. BlueStone filed its Draft Red Herring Prospectus (DRHP) with SEBI in December 2024 and received regulatory approval in April 2025. The IPO will consist of a fresh issue worth INR 1,000 Cr along with an offer-for-sale (OFS) of 2.4 Cr equity shares.
As per an Economic Times report, existing investors including 360 One and Centrum Wealth are looking to offload their stakes as BlueStone gears up to raise INR 300–350 Cr in this fresh funding round.
Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone has emerged as a prominent player in the online and offline jewellery market, boasting a portfolio of over 8,000 designs across rings, pendants, earrings, and other segments. It competes with brands like CaratLane, GIVA, and traditional jewellery houses.
Last year, the company raised INR 900 Cr at a valuation of $970 Mn. That round saw participation from top investors such as Peak XV Partners, Prosus, Steadview Capital, Think Investments, and Pratithi Investments.
For FY25, BlueStone is expecting a 38% growth in total revenue, signaling strong operational momentum as it heads toward its public listing.
If successful, this raise will mark BlueStone’s transition into India’s elite unicorn club, while strengthening its position in the rapidly evolving consumer luxury and jewellery space.
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