Ratan Tata-backed omnichannel jewellery retailer, Bluestone, is on the cusp of joining the coveted unicorn club with a potential $100 million pre-IPO funding round. This investment is projected to propel the Bengaluru-based company's valuation past the coveted $1 billion mark.
Bluestone's impressive trajectory has captured the attention of prominent investors. The company boasts Ratan Tata alongside renowned venture capital firms Accel and IvyCap in its investor portfolio. This esteemed backing underscores the market's confidence in Bluestone's potential and future growth.
Joining the Exclusive Unicorn Club
2024 has only witnessed two other startups, Perfios and Krutrim AI (founded by Bhavish Aggarwal), achieve unicorn status. Matching the number from 2023, this achievement signifies the elite nature of the unicorn club. Bluestone's ascension to a $1 billion valuation marks a significant milestone for the startup ecosystem.
Valuation Doubles in Less Than a Year
Bluestone's current valuation represents a more than two-fold increase from its previous valuation of approximately $450 million in September 2023. Back then, the company secured $65 million from investors including Zomato founder Deepinder Goyal and Zerodha co-founder Nikhil Kamath. This rapid growth underscores Bluestone's strong market position and its appeal to investors.
Bluestone's omnichannel strategy, encompassing both online and physical stores, has strenthened its position as the second-largest player in the jewellery sector, following only CaratLane. The Tata Group's recent acquisition of CaratLane founder Mithun Sacheti's stake has further amplified investor interest in similar ventures like Bluestone. Bluestone is expected to achieve profitability by March 2025
Potential Early Investor Exit
Media reports suggest that the ongoing funding round might involve some early investors exiting by offloading a portion of their holdings. This potential exit opportunity reflects the liquidity and growth prospects that Bluestone offers to its stakeholders.
As Bluestone gears up for its initial public offering (IPO), the pre-IPO funding round has attracted multiple bids from both existing and new investors. With some bids already valuing the company at over $1 billion, Bluestone's position in the unicorn club is solidified. The deal is anticipated to be finalized in the coming weeks, paving the way for Bluestone's next chapter of growth.
Bluestone's journey to unicorn status not only exemplifies its own success but also reflects the broader trends and opportunities within the jewellery retail market. With unwavering investor backing and a clear path to profitability, Bluestone is well-positioned for sustained growth and future triumphs.
Indian Jewellery Industry Garnered $76.77 Bn in revenues in 2023
Jewellery is deeply embedded in Indian culture, playing a vital role in weddings, festivals, and daily life. This cultural affinity has made India a global leader in the jewellery industry. In 2023, the Indian jewellery market generated $76.77 billion in revenue, surpassing China, the US, Japan, and Russia. According to a Statista report, the industry is expected to maintain a compound annual growth rate of 4.93% through 2026, further solidifying India's dominance in the global jewellery market.
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