According to reports, BlueStone Jewellery, which is backed by business tycoon Ratan Tata, the chairman of the Tata Group, and Nikhil Kamath, the co-founder of Zerodha, intends to raise about Rs 2,000 crore through an initial public offering (IPO). BlueStone Jewellery was founded in 2011 by Gaurav Kushwaha. Based in Bengaluru, the company enjoys the unique distinction of having secured the coveted personal investment of renowned Indian businessman Ratan Tata. BlueStone is backed by well-known investors such as Ratan Tata, Nikhil Kamath, Saama Capital, Iron Pillar, Accel, and Kalaari. About ten years ago, Ratan Tata invested in Bluestone. However, last year, it was revealed that Nikhil Kamath, the co-founder of Zerodha, was investing Rs 100 crore in Bluestone.
BlueStone achieved a net valuation of nearly $440 million last year after attracting ₹550 crore in investments from a mix of new and well-known investors, including Nikhil Kamath, Ranjan Pai, Amit Jain, Deepinder Goyal, and 360 One. According to a report by Mint, the company is looking for proposals from investment bankers to promote the initial public offering (IPO), which is anticipated to entail dilution of a 10-15% stake and consist of a new share issuance and an offer for sale (OFS). After delaying its initial 2022 IPO plans, the company raised money from private equity (PE) firms instead.
BlueStone is establishing itself as a serious competitor in the market, standing alongside listed behemoths like Titan's Tanishq brand, Kalyan Jewellers, and the recently public Senco Gold. BlueStone has manufacturing hubs in Mumbai, Jaipur, and other cities.
