Jewellery brand BlueStone raises US$100m from Prosus

Prosus set to lead US$100m funding round in BlueStone

Dutch investment group Prosus is nearing a deal to lead a US$100 million funding round in BlueStone, an omni-channel jewellery startup.

Transaction snapshot

• Deal value: US$100 million

• Deal multiples: N/A

• Deal type: Venture funding

• Investors: Prosus (lead), potentially Peak XV Partners, Steadview Capital, and Think Investments

The funding round is expected to value BlueStone at about US$960 million, more than doubling its September 2023 valuation of US$440 million.

Of the US$100 million, about US$60 million is likely to be primary capital for BlueStone's business growth. The remaining amount will be a secondary component, allowing early investors to sell some of their shares.

This deal marks Prosus's first late-stage investment since mid-2022. The company has invested over US$7 billion in Indian unicorns like Meesho and Swiggy.

BlueStone reported operating revenue of US$95.3 million (Rs 788 crore) in FY23, up from US$57.6 million (Rs 476 crore) the previous year. The company's losses narrowed to US$20.2 million (Rs 167 crore) from US$153.5 million (Rs 1,268 crore) in FY22.