Omnichannel jewellery retailer Bluestone has significantly expanded its employee stock ownership plan (ESOP), adding a fresh tranche of stock options for its workforce in the lead-up to its public market debut.
As per filings with the Registrar of Companies (RoC), Bluestone’s board has approved the addition of 42,43,312 new employee stock options, taking the company’s total ESOP pool to 1,17,27,642 options.
Estimates peg the value of this latest ESOP expansion at approximately ₹245 crore (~$29 million). Of this, ₹92.6 crore (~$11 million) worth of stock options have been earmarked for Chief Operating Officer Sudeep Nagar, indicating his pivotal role in the company’s growth.
With this update, the total value of Bluestone’s ESOP pool now stands at around ₹678 crore (~$80 million). The valuation is based on Bluestone’s last pre-IPO funding round, where the company raised approximately ₹900 crore, including ₹300 crore from secondary transactions. The round was led by global tech investor Prosus.
Currently, Prosus values Bluestone at $950 million, just shy of the unicorn mark. According to the investor’s annual report, it holds a 4.43% stake in Bluestone via MIH Investments One B.V., valued at $42 million.
However, Bluestone is reportedly closing in on unicorn status. A report suggests that private wealth arms of 360 One and Centrum Wealth are facilitating secondary transactions worth ₹300–350 crore, potentially pushing Bluestone’s valuation to $1.2 billion.
The company filed its Draft Red Herring Prospectus (DRHP) with SEBI in December 2024, outlining plans for an IPO. The public offering will include a fresh issue of ₹1,000 crore worth of equity and an Offer for Sale (OFS) comprising up to 2.398 crore shares, enabling full exits for investors such as Samma Capital, IvyCap Ventures, and Kalaari Capital.
Founded in 2011, Bluestone operates as an omnichannel brand, offering premium gold and diamond jewellery including rings, earrings, chains, and pendants through its e-commerce platform and offline stores. According to its DRHP, the company currently runs 203 stores across 86 cities in India.
To date, Bluestone has raised approximately $262 million from prominent investors including Accel, Prosus, Peak XV Partners, 360 One, and others, as tracked by startup data platform TheKredible.
In terms of financials, the company’s FY24 revenue surged by 64% YoY, climbing from ₹771 crore in FY23 to ₹1,266 crore, while it also narrowed its losses by 15%, bringing them down to ₹142 crore.
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