Big news for India’s retail and consumer space! BlueStone Jewellery IPO has received a green signal from SEBI for its INR 1,000 crore public offering. The company had filed the DRHP on 16 December 2024 and got the approval on 1 April 2025.
The approval is a big tick in the box for one of the most anticipated listings in recent times and marks a new chapter for one of India’s leading omnichannel jewellery retailers.
BlueStone Jewellery – Overview
Founded in 2011 by Gaurav Singh Kushwaha, BlueStone has evolved from a digital-first startup to a full-fledged lifestyle jewellery brand, with 203 stores across 86 cities as of June 2024. It has a robust omnichannel business model, with an e-commerce platform and an offline presence.
From its website and mobile app, which saw over 165 million unique sessions in FY24, to a network of company-owned and franchisee-operated stores, BlueStone has cracked the modern consumer’s buying journey.
Targeting millennials and Gen Z buyers aged 25-45, BlueStone offers contemporary, design-led jewellery for daily and occasion wear. Its studded jewellery segment, which accounted for over 68% of revenues in FY24, puts the brand in the premium accessory space — a space that is growing at double digits every year.
BlueStone Jewellery IPO Structure
BlueStone Jewellery IPO consist of a fresh issue of shares worth INR 1,000 crore and an Offer for Sale (OFS) of up to 2.40 crore shares by early investors. Notably, early backers such as Accel, Saama Capital, Kalaari Capital, and Sunil Kant Munjal (Hero Group) will be part-exiting or fully exiting their stakes. Below is the list of early investors in BlueStone:
| Investor | Shares Offered (OFS) |
|---|---|
| Accel India III (Mauritius) | 30,27,303 |
| Saama Capital II | 41,00,970 |
| Kalaari Capital Partners II & Opportunity Fund | ~80,00,000 |
| IvyCap Ventures | 3,126,950 |
| Iron Pillar Funds | ~17,50,000 |
| Sunil Kant Munjal & Partners | 40,00,000 |
Despite the partial or complete exits, the company’s promoter and founder has made a decisive move that has caught the market’s attention: Gaurav Singh Kushwaha recently infused INR 75 crore into the company, purchasing shares at INR 578 apiece — a strong vote of confidence from the helm.
BlueStone Jewellery IPO – Financial Performance
BlueStone’s topline has seen explosive growth, with revenues from operations surging 64% YoY in FY24 to INR 1,265.8 crore. Q1 FY25 alone delivered INR 348.2 crore in operating revenue. Losses have narrowed significantly — INR 142.2 crore in FY24, down from INR 167.2 crore in FY23 and INR 1,268.4 crore in FY22.
| Particulars | FY24 | FY23 | FY22 |
|---|---|---|---|
| Revenue from Operations | 1,265.80 | 770.70 | 461.30 |
| Net Loss | (142.2) | (167.2) | (1,268.4) |
| Gross Margin (%) | 40.4% | 31.9% | 32.3% |
| EBITDA | 53.05 | (56.03) | (26.65) |
The company reported a gross margin of 40.41%, the highest among leading jewellery retailers in India, aided by its high share of diamond-studded jewellery and in-house manufacturing capabilities.
Operational Scale
BlueStone is among the few jewellery players in India with in-house production capacity, with more than 75% of its products manufactured internally across facilities in Mumbai, Jaipur, and Surat. An additional unit is under construction in Jaipur to accommodate the growing demand.
Their proprietary merchandising system, integrated with real-time analytics and demand prediction algorithms, enables rapid design iterations and optimised inventory turnover — critical levers in jewellery retailing.
BlueStone Jewellery IPO Objectives
According to the DRHP, the net proceeds from the fresh issue will primarily be used to:
- INR 750 crore will be used for working capital needs
- Enhance brand presence through increased marketing spend and store expansion
- The remaining fund will be used for general corporate purposes
Importantly, the company may also consider a pre-IPO placement of up to 20% of the fresh issue size, potentially reducing the final offer size.
Market Position
BlueStone is India’s second-largest digital-first omnichannel jewellery brand, trailing only CaratLane (a Titan subsidiary). Backed by macroeconomic tailwinds — rising disposable incomes, increased female workforce participation, urbanisation, and a booming millennial middle-class — BlueStone is poised to benefit from shifting consumer preferences towards branded, design-centric jewellery.
As per RedSeer, the studded jewellery market in India has grown at a 16% CAGR from INR 8,200 crore in 2021 to INR 1.11 lakh crore in 2023, driven by consumer demand for stylish, everyday pieces.
Looking Ahead
BlueStone’s in-house tech stack spans from digital storefronts to backend inventory and order management systems. The brand offers 3D product visualization, AI-driven design forecasting, and personalised customer journeys — capabilities that set it apart in a legacy-dominated industry.
Its platform also enables ‘Try at Home’ features, 360-degree product views, and seamless cross-channel purchasing — a reflection of the brand’s commitment to experiential retail.
Final Word
As the BlueStone Jewellery IPO approved in less than four months after filing its DRHP. Its IPO marks more than just a capital-raising milestone. It symbolizes the maturation of India’s consumer-tech wave, where data, design, and digital converge to disrupt traditional sectors like jewellery.
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