BlueStone IPO Lights Up Markets: A Golden Return for Early Backers!
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- August 20, 2025
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The recent Initial Public Offering (IPO) of BlueStone, the innovative omnichannel jewellery retailer, has not just opened its doors to public investors but has also solidified its status as a goldmine for its early backers. The company's stellar debut on the National Stock Exchange (NSE) on May 24, 2024, at an impressive Rs 388 per share – a substantial 13.16% premium over its IPO price of Rs 367 – has sent ripples of success across the investment landscape, particularly for those who believed in its vision from the start.
For the steadfast late-stage investors, the gains are already shimmering.
Prosus, the Dutch-listed consumer internet giant, and Info Edge Ventures, the venture arm of Naukri.com parent Info Edge, are witnessing significant paper gains. Prosus, which infused Rs 200 crore into BlueStone in 2022, now sees its stake valued at an astonishing Rs 301 crore, marking a robust 50.5% return on its investment in just two years.
Similarly, Info Edge Ventures, with its Rs 100 crore investment from the same funding round, now holds shares worth Rs 149.9 crore, translating to a handsome 49.9% gain. Collectively, the combined stakes of Prosus and Info Edge in BlueStone now stand at approximately Rs 450 crore, a testament to their foresight and the company's escalating value.
However, the real dazzling returns belong to BlueStone's earliest supporters who strategically exited before the IPO, cashing in on monumental profits.
Venture Capital firms Accel and Kalaari Capital, who famously co-led a $5 million Series A funding round back in 2012, have seen their early bets transform into legendary returns. Both firms exited their entire stake in BlueStone prior to the IPO, each reportedly walking away with a staggering Rs 550 crore.
This translates to an eye-popping return of over 130 times their initial investment – a performance that dreams are made of in the world of venture capital.
They weren't alone in this parade of prosperity. Other early investors like IvyCap Ventures also made a handsome exit, reportedly securing Rs 150 crore, while Mayfield Fund and Saama Capital similarly concluded their investments with substantial gains, underlining BlueStone’s consistent growth trajectory and robust business model.
These exits provided the necessary liquidity and capital structure for BlueStone to successfully navigate its path to the public market.
BlueStone, founded by Gaurav Singh Kushwaha, has successfully carved a niche in the competitive jewellery market by blending online convenience with a strong physical presence.
With 187 stores spread across India, the company has masterfully adopted an omnichannel approach, catering to evolving consumer preferences. This strategic expansion and customer-centric model have been pivotal to its financial turnaround. The company recorded an impressive revenue of Rs 770 crore in FY24, a significant jump from Rs 477 crore in FY23.
More remarkably, BlueStone transitioned from a net loss of Rs 167 crore in FY23 to a commendable profit after tax (PAT) of Rs 1.76 crore in FY24, showcasing its operational efficiency and scaling profitability.
The successful IPO and the spectacular returns for its investors underscore BlueStone's journey from a promising startup to a publicly listed entity, validating its unique business model and the vision of its founder and early backers.
It serves as a compelling narrative of how strategic investments, combined with a strong business foundation, can lead to monumental success in India's dynamic startup ecosystem.
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