Accel-backed jewellery retailer Bluestone is preparing for an initial public offering and has filed its draft application papers for the issue with the market regulator. The company is looking to value itself more than Rs 12,000 crore for the IPO, a 50% premium to the valuation when it last raised funds in the private market, ET first reported on December 13.
Giva currently has an annual revenue run-rate of Rs 700 crore. It posted nearly Rs 280 crore in revenue with a close to Rs 59 crore loss in fiscal 2024. In 2024, both Giva and Bluestone scooped up substantial funds in the past year as investors turned bullish towards omnichannel jewellery businesses, especially following the Tata Group’s complete acquisition of Caratlane.
“Creaegis is in talks to lead the round while others may also join but this is symbolic of the overall confidence investors have in the sector now. While Bluestone is aiming for a significant premium to the listing, this (Giva’s valuation) is relatively lower on the multiples,” a person aware of the matter said.
Giva cofounder Ishendra Agarwal declined to comment. Creaegis, an investor in firms like Third Wave Coffee, Medikabazaar and Zopper, did not respond to an email seeking comment till press time Thursday.
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Bluestone, which reported revenue of Rs 1,265.8 crore in FY24 — a 64% jump from the previous year — closed a Rs 900 crore funding last August at Rs 8,100 crore ($970 million) valuation. It posted an operating profit while net loss narrowed by 15% to Rs 142.2 crore.Till date, Giva has raised around $60 million, including secondary share sale – where existing investors sell shares to new investors.
Creaegis is run by former Premji Invest managing partner and chief investment officer (CIO) Prakash Parthasarathy along with other executives from the fund. Manipal group chair Ranjan Pai, an investor in Bluestone, is a limited partner in Creaegis which closed its $426 million (Rs 3,500 crore) fund in September 2023. Premji Invest led the last round of funding at Giva.
Bullish outlook, retail expansion
A report from ICICI Securities said demand for jewellery has been strong despite significant inflation in gold price.
Giva, Bluestone and Caratlane are in the midst of fast retail expansion and tech upgrades.
“They are opening multiple stores and that’s where the focus is currently,” a person aware of Giva’s plans said.
“We position ourselves as a value-driven, accessible brand for Indian women where if they want to buy fine jewellery at a more accessible price range, then they come to Giva. That was our thesis behind launching lab grown diamonds as well,” Agarwal had told ET in November, adding: “We will continue our offline expansion journey and the expansion of our lab grown diamond offerings.”
Nikita Prasad, and Sachin Shetty are the other cofounders are the firm founded in 2019.
Giva operates around 160 stores in India and one outlet in Sri Lanka. The company plans to open over 100 stores annually in cities like Mumbai, Hyderabad, Chennai, Ahmedabad and Kolkata. Currently, over 50% of its stores are in Bengaluru and New Delhi. Agarwal had said that about 45% of Giva’s total sales come from its website, 40% from offline stores, and the remaining 15% from third-party platforms — including a select range of products on quick commerce.
A report from Deloitte on Thursday said the Indian jewellery market, valued at $80-85 billion in FY24, is projected to grow to $225-245 billion by FY35, largely driven by rising disposable incomes, urbanisation, and shifting consumer preferences towards branded and sustainable products. The report said younger consumers are more favourable towards lab-grown diamonds.
Lab-grown diamonds, which are cheaper than natural diamonds, are becoming increasingly popular.
