Omnichannel jewelry retailer Bluestone has successfully raised Rs 600 crore (approximately $72 million) in a funding round led by Prosus, through its subsidiary MIH Investments, with contributions from Steadview Capital, Think Investments, and Pratithi Growth Fund.
Bluestone’s board approved a special resolution to issue 1,03,80,622 Series H compulsory cumulative preference shares at Rs 578 each, raising a total of Rs 600 crore or $72 million, as per filings accessed by Entrackr from the Registrar of Companies.
Prosus spearheaded the round with an investment of Rs 351 crore or $42.2 million, while Steadview Capital, Think Investments, and Pratithi Growth Fund contributed Rs 80 crore, Rs 84 crore, and Rs 35 crore, respectively. An additional 27 investors provided the remaining primary capital.
This fundraising is part of an earlier reported Rs 900 crore pre-IPO round, of which Rs 300 crore is secondary. The newly acquired funds are earmarked for expansion, ongoing operations, capital expenditures, and general corporate purposes, according to the filing.
Data from startup intelligence platform TheKredible values Bluestone at approximately $972 million post-allotment.
Following this latest funding round, Prosus now holds a 4.48% stake in the company, while Steadview Capital, Think Investments, and Pratithi Growth Fund hold 1.04%, 1.10%, and 1.08%, respectively.
Founded in 2011 by Gaurav Singh Kushwaha, Bluestone offers a wide range of jewelry for both men and women, available through its website and an extensive network of over 190 offline stores across 75 cities.
Bluestone continued to grow its revenue and reduce its losses in the fiscal year ending March 2023, achieving 65% year-on-year growth with revenue of Rs 787 crore. Its losses shrank by 87% to Rs 167 crore. The company has yet to file its annual results for FY24.
In comparison, Bluestone’s close competitor CaratLane, owned by Titan, reported a revenue of Rs 3,081 crore with a profit of Rs 79 crore in FY24.