Jewellery retailer Bluestone has recorded a 64% increase in operating revenue for the year ended March 2024, according to data sourced from Tofler. Its losses for the full year narrowed by about 15% to Rs 142.2 crore.
The Bengaluru-based company’s revenue from operations grew to Rs 1,265.8 crore in FY24 from Rs 770.7 crore in FY23. Its total revenue for FY24 stood at Rs 1,303.4 crore, up from Rs 787.8 crore in the previous year.
However, Accel-backed Bluestone’s total expense ballooned, reaching Rs 1,445.7 crore at the end of March from Rs 955.1 crore a year ago. Material costs, including raw materials, accounted for more than 85% of the expenses. Employee benefit costs also increased, rising by more than 50% to Rs 138.4 crore in FY24.
“Company has been successful in growing revenue in existing stores during the year, which has resulted in improved margins,” it noted. “The company thus expects further improvement in its cash flow from operations through increase in revenue from its existing as well as new customers.”
On August 22, ET had reported that Bluestone closed a Rs 900-crore financing round, more than doubling its valuation to $970 million (about Rs 8,100 crore). Investors in this round included Peak XV Partners, Prosus, Steadview Capital, Think Investments, and Infosys cofounder Kris Gopalakrishnan’s family office, Pratithi Investments.
Bluestone is now preparing to file its draft red herring prospectus for an almost Rs 2,000-crore initial public offering (IPO) later this year.
Bluestone, founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, operates online and through its own retail stores and franchise-owned ones. The company has some 220 offline stores and plans to increase this number to 400 in the next 12-18 months, as reported by ET earlier.
Investor interest in omnichannel jewellery platforms in India has of late increased, especially after Titan acquired CaratLane founder Mithun Sacheti’s stake in the company last year. In July, silver jewellery maker Giva said it has raised Rs 200 crore in a series B funding round led by Premji Invest.
