Bluestone may turn unicorn in pre-IPO funding round

economictimes.indiatimes.com:

Omnichannel jewellery retailer Bluestone is in talks to raise around $100 million in a pre-IPO round at a likely valuation of more than $1 billion, catapulting the startup to the unicorn club, three people aware of the matter said.

This would be more than double its previous valuation of around $450 million in September 2023, when the company that sells online as well as through offline stores raised $65 million from a group of investors, including Zomato founder Deepinder Goyal and Zerodha’s Nikhil Kamath.

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Bengaluru-based Bluestone’s pre-IPO round is seeing interest from new and existing investors, encouraged by the Tata Group’s CaratLane deal where Titan bought out the founder’s (Mithun Sacheti) stake last year.

Bluestone, the second largest omnichannel jewellery retailer behind CaratLane, has indicated to both public and private market investors in recent weeks on turning profitable by March 2025, people briefed on the matter said.

“Multiple bids to lead the new round have come and some are above $1 billion as well,” one of the people said. “The contours will be finalised in the coming weeks. The company has been meeting both public and private market investors in recent weeks. The model is now more understood and the ability to scale it in a profitable