Omnichannel retailer Bluestone raised Rs 100 Cr debt from Neo Markets
Summary
Bluestone, an omnichannel retailer, has raised debt from Neo Markets totalling Rs 100 crore, or $12 million. For the Bengaluru-based business, this is its third debt investment of the year.Based on its regulatory filings obtained from the Registrar of Companies, Bluestones board has decided to raise the aforementioned amount through the issuance of 10,000 debentures at a face value of Rs 1,00,000 each.The announcement coincides with the companys purported goal of raising $100 million for its pre-IPO round, which is backed by Peak XV. The media reports that with 21.2% of the companys equity held by Accel, it is the largest investor, followed by Kalari Capital with 12.35%.Bluestone, a jewelry retailer with a wide selection for men and women, was founded in 2011 by Gaurav Singh Kushwaha and is accessible online and at a number of physical locations. On its website, the company states that it has over 190 locations in 75 cities.In the fiscal year that ended in March 2023, Bluestone maintained its revenue growth and reduced losses. Titan, the company that formerly held 99.64% of CaratLane, announced recently that it would purchase the remaining 0.36% of the business for Rs 60.08 crore ($7.2 million).