Jewellery Retailer Bluestone plans to utilise the funds to support its upcoming ₹1,000 crore IPO debut, following board approval for the offering in December.
Jewellery Retailer Bluestone has raised ₹40 crore in debt from Blacksoil Capital and Caspian Debt, according to data from Tofler.
Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, Bluestone manufactures, designs, and sells fine jewellery. The company has around 200 retail outlets spread across more than 80 cities. The startup has been backed by Tata Group Chairman Ratan Tata and Zerodha’s co-founder Nikhil Kamath.
According to its MCA filing, the board allotted 800 non-convertible debentures. The debentures have a face value of ₹5 lakh each.
Blacksoil India Credit Fund II group was allotted 400 debentures amounting to ₹20 crore, and Blacksoil Capital Private Limited was allotted 200 debentures of ₹10 crore. Caspian Impact Investments Private Limited were allotted 200 debentures amounting to 10 crore.
It has to be noted that Blacksoil Group and Caspian Impact investments had announced a merger through share swap in September of last year.
IPO Plans
The move from Blacksoil comes after it received board approval for its ₹1,000 crore IPO debut in December last year. The Bengaluru-based retailer plans to use the ₹750 crore from the proceeds to fund its working capital requirements and general corporate purposes.
The IPO also involved an Offer For Sale(OFS) for 2.4 crore equity shares by selling shareholders and an issue of 13 lakh equity shares to its founder and CEO, Gaurav Singh Kushwaha, to raise ₹75 crore.
The company raised ₹900 crore in a pre-IPO round from Peak XV Partners, Prosus, and Steadview Capital in August of last year. It reported revenue of ₹1,265.8 crore in FY24, up from ₹770.7 crore in FY23.
Bluestone’s chief competitors include GIVA, CaratLane, and Melorra.
(Report by BL Intern Rohan Das)
Published on May 15, 2025
