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BlueStone’s Rs.7,800 Cr IPO Sparkles on Backing from Accel & Sunil Kant Munjal

Backed by marquee investors and powered by tech-led precision, BlueStone has scaled to 300+ stores in just six years. Its Rs.7,800 Cr IPO marks a pivotal moment in India’s fast-evolving jewellery retail landscape

India’s fine jewellery market is witnessing a quiet revolution—and at its glittering center is BlueStone. From a digital-first disruptor to one of the fastest-growing omnichannel jewellery retailers, the brand is now making headlines with its Rs.7,800 crore IPO. As investors, analysts, and legacy jewellers watch closely, BlueStone’s sharp ascent offers a blueprint for new-age luxury retail built on trust, tech, and timeless design.

IPO Snapshot

  • Offer Opens: Anchor book on August 8; public subscription from August 11–13, 2025

  • Issue Size: Fresh issue of Rs.820 crore + Offer-for-Sale of 13,939,063 shares

  • Valuation: Targeting Rs.7,800 crore (~$888 million)

  • Promoter Holding: Founder Gaurav Singh Kushwaha holds ~17.7%

  • Exit by Early Investors: Accel (11.68%), Sunil Kant Munjal (5.61%), Kalaari (5.12%), others including Saama Capital & IvyCap

  • Use of Proceeds: Working capital, inventory, store expansion & general corporate purposes

Financials & Growth: Proven Traction

BlueStone’s topline surged 64% YoY in FY24 to Rs.1,265.8 cr from Rs.770.7 cr in FY23; it posted Rs.348 cr in Q1 FY25 alone. Net loss narrowed to Rs.142.2 cr in FY24 from Rs.167.2 cr in FY23. Gross margin improved to 40.4%, aided by its higher share of diamond-studded and design-led jewellery—well ahead of peers.
Operating expenses included Rs.41.7 cr in employee costs and Rs.42.4 cr in marketing in Q1 FY25, with material procurement cost at Rs.417.1 cr.

Evolution of Retail & Omnichannel Reach

Founded in 2011 by Gaurav Singh Kushwaha, BlueStone began as a disruptor in India’s digital-first fine jewellery market. As purchase behavior remained tactile despite digital affinity, the company pivoted to offline—opening its first stores in 2018 with a company-owned, company-operated (COCO) model.
As of July 2025, BlueStone operates 300+ stores across India, spanning metros, Tier-1 and increasingly Tier-2/3 cities. In FY25, ~60% of store expansions occurred in non-metros where organized jewellery penetration is below 15%.

Key Metrics at a Glance

Metric Value
Stores (COCO format) 300+
New stores in FY25 in non-metros ~60%
Offline contribution to sales ~80%
Online share of revenue ~15–20%
In-store conversion rate > 50%
Average store size 1,000–3,000 sq ft
Average payback period 18–24 months

Product & Design Differentiators

BlueStone’s product strategy is defined by:

  • Over 8,000 active SKUs, specializing in 18K–12K daily-wear gold jewellery with occasional diamond accents

  • Focus on wearable fashion-forward designs, frequent limited-edition collection drops, and relatable styling appeals to young professionals and gifting segments

Manufacturing & Tech Backbone

  • In-house facilities in Bengaluru and Jaipur handle in-house production for over 75% of inventory

  • Use of CAD prototyping, stone standardisation, rapid product-to-shelf turnaround (~30–45 days)

  • Proprietary merchandising systems powered by AI/ML enable demand prediction, inventory optimisation, and dynamic pricing

Competitive Landscape: Where BlueStone Fits

Brand Business Model Scale
Titan (Tanishq) Legacy + mass premium 650+ stores; Rs.3.4 lakh Cr m-cap
Kalyan Jewellers Mass-premium, pan-India ~220 stores; Rs.44,000 Cr m-cap
Shanti Gold Intl. Lightweight, design-led Listed at ~Rs.1,800 Cr market cap
BlueStone (IPO-bound) Omnichannel, tech-led 300+ stores; Rs.7,800 Cr valuation

BlueStone’s edge lies in targeting the daily-wear, self-purchase and gifting segments, differentiating itself from bridal-heavy portfolios.

Growth Roadmap: What’s Next?

  • Store expansion to 500+ outlets by FY27

  • Diversification into silver jewellery, minimalist accessories, and possibly watches

  • International push to NRI markets via cross-border e-commerce and curated digital experiences

  • Introduction of AR-enabled try-ons, smart mirrors, and phygital touchpoints to deepen customer engagement

BlueStone’s IPO is more than capital raising—it’s a signal that India’s jewellery retail sector is evolving beyond tradition. Marrying high-frequency affordable design with tech-driven precision, it’s poised to redefine what modern retail in jewellery looks like.
As gold standards shift from weight and lineage to trust, convenience, and design, BlueStone may well be the brand that sets the new benchmark.

The post BlueStone’s Rs.7,800 Cr IPO Sparkles on Backing from Accel & Sunil Kant Munjal appeared first on India Retailing.



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