Leading jewellery retailer Bluestone has raised approximately $12 million (Rs 100 crore) in debt funding from Neo Markets, according to a report by Entrackr. This latest infusion of capital comes as Bluestone continues to expand its footprint and prepare for a potential initial public offering (IPO).
The board at Bluestone passed a special resolution to issue 10,000 debentures at Rs 1,00,000 each to raise the aforementioned sum, the report noted. This strategic move is part of the company’s broader efforts to bolster its financial position ahead of a significant funding round and its anticipated IPO.
Previously, Bluestone had been looking to raise $100 million from prominent investors including Peak XV Partners, Steadview Capital, and Think Investments. In September of last year, the company successfully raised around $66 million from Ranjan Pai and other investors, bringing its total funding to date to $190 million.
Established in 2011 in Bengaluru, Bluestone specializes in the manufacture and retail of high-value jewellery items such as gold, diamonds, and pearls. The company offers a wide range of products including rings, pendants, chains, and earrings, which are sold through its extensive network of retail outlets as well as its online platform.
Bluestone has experienced substantial growth over the years and now operates over 190 stores across 75 cities in India, according to the company’s website.