Ratan Tata-backed jewelery seller ‘Bluestone’ has raised $ 30 million (about Rs 228 crore). In this sense, the valuation of the company works out to $410 million. Bluestone has taken this step at a time when the company is also coming up with its IPO.
What the company said: Bluestone said that the company will use this money to increase its manufacturing capacity. The company did not name any investor other than Hero Enterprise Chairman Sunil Kant Munjal.
What is the company’s plan: Gaurav Singh Kushwaha, Founder and CEO, Bluestone said that the company will also use the proceeds of the financing to expand the existing number of 70 retail stores. The company plans to open 100 new retail stores in the next financial year and take its store count to 300 by 2024.
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IPO will also be launched: Bluestone is one of India’s leading omnichannel jewelery chain and is planning to raise over Rs 1,500 crore through initial public offering (IPO). The company has appointed ICICI Securities, IIFL Securities, Jefferies and JM Financial as investment bankers for the IPO and is expected to have a valuation of Rs 12,000-15,000 crore.