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BlueStone
Jewellery · Diamond / contemporary fine / omnichannel
Public (IPO Aug 2025)India
HQBengaluru, India
Founded2011
FoundersGaurav Singh Kushwaha, Vidya Nataraj
RegionIndia
Financials
FY24 Revenue₹1,265.8 Cr (FY24)
FY25 Revenue₹1,770 Cr (FY25)
YoY growth+64% FY24; +40% FY25
Profitabilityloss-making
Channels & Distribution
D2C · 7%Offline · 93%
D2C7%
Marketplace—
Offline93%
Stores275
Tech stack
Primary stackCustom
Shopify share0%In-house: 100%
Mobile appYesRating 3.31
Stack signals
Custom proprietary (confirmed DRHP)3D product visualisationAI-driven design forecasting360° + 3D renderTry at Homeendless aisle
CRM: Proprietary CRM
Analyst notes
Omnichannel diamond/fine. IPO Aug 2025 ₹1,540 Cr. FY24 ₹1,266 Cr, FY25 ₹1,770 Cr; losses surged 56% FY25. Heavily offline — online only 7% of FY25 sales. 275 stores in 117 cities. Fully proprietary stack — NOT Shopify, NOT Magento.
Confidence: verifiedVerified 5 Jun 2026
Funding
Latest roundIPOAug 19, 2025
Round size₹1,540.65 Cr
Total raised$200M+
Valuation~$970M (IPO listing)Aug 2025
Investors
AccelKalaariIvyCapSunil MunjalRatan TataSaamaIron PillarHero Enterprise
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