Bengaluru based Jewellery brand Bluestone secures $12 million debt from Neo Markets
Popular Jewellery brand Bluestone has recently announced to raise Rs. 100 crore or $12 million in debt from Neo Markets. This is the third debt investment for this Bengaluru based company.
The Bluestone board has approved a unique resolution to release 10,000 debentures at Rs.1,00,000 per debenture in order to raise the sum mentioned above, as per regulatory documents obtained from the Registrar of Companies. The company supported by Peak XV is seeking to raise $100 million in its pre-IPO round, which coincides with the current development. According to media reports, the pre-IPO funding will consist of a combination of primary and secondary investments, potentially resulting in substantial returns for the initial supporters.
The startup has managed to secure approximately $190 million in funding so far, with $66million being contributed by Ranjan Pai and other investors in September of the previous year. As per TheKredible, a platform specializing in startup data intelligence, Accel holds the largest stake among investors, accounting for 21.2% of the company. Following closely behind is Kalari Capital, which possesses a 12.35% stake in the company.
Bluestone, established in 2011 by Gaurav Singh Kushwaha, offers a wide range of jewellery options for both men and women. Customers can access this extensive collection through Bluestone's website or by visiting one of their many offline stores. As stated on the company's website, Bluestone currently operates more than 190 stores spread across 75 cities.
Bluestone experienced further growth in revenue and reduction in losses for the fiscal year ending in March 2023. Throughout FY23, the company saw a 65% increase in revenue, reaching Rs 787 crore, and managed to decrease its losses by 87% to Rs 167 crore. The annual results for FY24 are still pending submission.
Titan, which holds a 99.64% stake in CaratLane, has announced its intention to acquire the remaining 0.36% stake in the company for Rs.60.08 crore which is nearly $7.2 million. This move positions Titan in direct competition with Melorra, Giva, and CaratLane.
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The Bluestone board has approved a unique resolution to release 10,000 debentures at Rs.1,00,000 per debenture in order to raise the sum mentioned above, as per regulatory documents obtained from the Registrar of Companies. The company supported by Peak XV is seeking to raise $100 million in its pre-IPO round, which coincides with the current development. According to media reports, the pre-IPO funding will consist of a combination of primary and secondary investments, potentially resulting in substantial returns for the initial supporters.
The startup has managed to secure approximately $190 million in funding so far, with $66million being contributed by Ranjan Pai and other investors in September of the previous year. As per TheKredible, a platform specializing in startup data intelligence, Accel holds the largest stake among investors, accounting for 21.2% of the company. Following closely behind is Kalari Capital, which possesses a 12.35% stake in the company.
Bluestone, established in 2011 by Gaurav Singh Kushwaha, offers a wide range of jewellery options for both men and women. Customers can access this extensive collection through Bluestone's website or by visiting one of their many offline stores. As stated on the company's website, Bluestone currently operates more than 190 stores spread across 75 cities.
Bluestone experienced further growth in revenue and reduction in losses for the fiscal year ending in March 2023. Throughout FY23, the company saw a 65% increase in revenue, reaching Rs 787 crore, and managed to decrease its losses by 87% to Rs 167 crore. The annual results for FY24 are still pending submission.
Titan, which holds a 99.64% stake in CaratLane, has announced its intention to acquire the remaining 0.36% stake in the company for Rs.60.08 crore which is nearly $7.2 million. This move positions Titan in direct competition with Melorra, Giva, and CaratLane.
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