Bluestone Secures ₹900 Crore in Pre-IPO Round; Valuation Soars to ₹8,100 Crore as IPO Nears

Jewellery retailer Bluestone has successfully raised ₹900 crore in a pre-IPO funding round, significantly boosting the company’s valuation to ₹8,100 crore (approximately $970 million), according to sources familiar with the matter.

Backed by Accel, Bluestone is now preparing to file its draft red herring prospectus (DRHP) for an initial public offering (IPO) with the stock market regulator later this year. This pre-IPO round was crucial in setting the valuation benchmark for the company, a source mentioned.

Investors such as Peak XV Partners, Prosus, Steadview Capital, Think Investments, and Pratithi Investments—the family office of Infosys co-founder Kris Gopalakrishnan—participated in this funding round. Of the ₹900 crore raised, ₹600 crore came from primary capital infusion, while the remaining ₹300 crore was from the sale of existing shares. Prosus contributed around ₹350 crore, while Peak XV and Steadview each invested over ₹200 crore.

Kalaari Capital, an early investor in Bluestone, has partially exited by selling about half of its stake, earning around ₹300 crore. Bluestone’s other investors include Iron Pillar, Saama Capital, RB Investments, IvyCap, and InfoEdge Ventures, who together hold about 20% of the company. The founders, Gaurav Singh Kushwaha and Ganesh Krishnan, own nearly 14% of the company.

In secondary share sales, the money is exchanged between existing investors, and it does not go to the company, unlike in primary share sales. Neither Kushwaha nor Kalaari Capital’s Vani Kola commented on the funding.