Debt

Debt financing

Jewellery chain BlueStone raises Rs.40-cr from Blacksoil, Caspian

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Bengaluru-based omnichannel jewellery chain BlueStone has raised INR 40 crore (USD 4.7 million) through the issue of 800 non-convertible debentures (NCDs) at INR 5,00,000 apiece ahead of its IPO. The round was led by BlackSoil investing INR 30 crore with participation from Caspian Impact Investments which put in INR 10 crore.Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone offers high-value gold and diamond jewellery. It currently operates over 203 stores across 86 cities.

Between Jan-12 and Aug-24, Bluestone had attracted about USD 314 M from Accel India, Saama Capital, Kalaari Capital, Ratan Tata, InnoVen Capital, IvyCap Ventures, Dragoneer Investment Group, Iron Pillar, others.For FY24, Bluestone had reported about INR 1,265.84 Cr in Operating Income and about INR 142.24 Cr in Net Loss.