IPO-bound jewellery retailer BlueStone is on track to join India’s unicorn club as it ramps up pre-IPO fundraising efforts. The Bengaluru-based D2C brand is currently raising funds at a valuation of ₹11,500 to ₹13,000 crore, ahead of its ₹1,000 crore public issue slated to hit the market later this year. This move follows the Securities and Exchange Board of India’s (SEBI) approval of its draft red herring prospectus (DRHP) in April.
To support this funding round, wealth management arms of 360 One and Centrum are executing a secondary transaction worth ₹300–350 crore. These deals involve the sale of existing shares to high-net-worth clients, valuing the company at ₹10,500–11,500 crore—a 30% jump from its last valuation of ₹8,100 crore in August 2024.
One of the key outcomes of the secondary transaction is the partial or full exit of early backer RB Investments of Singapore, which holds a 2–3% stake. The investor is expected to clock a 10–12x return on its early-stage bets made between 2016 and 2019.
BlueStone, founded in 2011, is a leading player in India’s growing D2C jewellery space. In FY24, the company posted revenue of ₹1,266 crore, with losses narrowed to ₹142 crore from ₹167 crore the previous year, signaling improving financial health.
As the IPO approaches, BlueStone plans to raise ₹1,000 crore in fresh capital while also enabling exits for early institutional investors such as Accel and Kalaari Capital through an offer-for-sale (OFS) component. With strong traction, strategic investor exits, and favorable market sentiment, BlueStone appears poised for a high-profile public listing—and possibly, unicorn status.