Omnichannel jewellery brand BlueStone is making waves by boosting its Employee Stock Ownership Plan (ESOP) pool with over 42 lakh new options, bringing the total value to a whopping ₹678 crore ($80M). This strategic move comes just ahead of their anticipated IPO and is a clear effort to keep and reward their top talent.
According to regulatory filings, BlueStone’s Chief Operating Officer, Sudeep Nagar, has been granted stock options worth ₹92.6 crore, highlighting the crucial role of leadership in driving the company’s growth. This valuation stems from the company’s last fundraising round, which valued it at ₹900 crore, putting it on the brink of unicorn status.
Since its inception in 2011, BlueStone has experienced rapid growth, now boasting 203 stores across 86 cities, and offering fine jewellery both online and offline. The company submitted its Draft Red Herring Prospectus (DRHP) in December 2024 for a fresh issue of ₹1,000 crore, alongside an offer-for-sale.
With backing from prominent investors like Accel, Prosus, and Peak XV, BlueStone achieved an impressive 64% year-on-year revenue growth in FY24, reaching ₹1,266 crore. Losses have also decreased by 15%, indicating a healthier financial outlook. To date, the firm has raised $262 million and is currently finalizing secondary transactions that are expected to elevate its valuation to $1.2 billion.
By expanding its ESOP, BlueStone is clearly committed to retaining talent, solidifying its status as one of India’s fastest-growing D2C luxury brands as it prepares to enter the public markets.