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Bluestone in talks with Peak XV Partners, Steadview Capital Think Investments for Pre-IPO Round

Bluestone, a jewellery brand, is in talks to negotiate an investment of around Rs 830 crore from Peak XV Partners, Steadview Capital, and Think Investments.

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Bluestone, a jewellery brand, is in talks to negotiate an investment of around Rs 830 crore from Peak XV Partners, Steadview Capital, and Think Investments.

The pre-IPO round will combine share sales by early investors with new capital, aiming to value the omnichannel retailer at approximately Rs 7,500 crore ($900 million) before the infusion, as per the report.

Venture capital firm Peak XV Partners will reportedly invest around Rs 415 crore in the round. A source speaking to the Economic Times said, “Peak XV is in talks to lead the funding amid a wider inclination for venture funds to tap domestic brands and offline retailers.”

Further, some family offices via special-purpose vehicles might also reportedly participate in the round. The round is expected to be closed in the next few days.

In September 2023, Bluestone raised $65 million from a group of investors at a valuation of $410 million.

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GJEPC Leadership Meets Maharashtra CM Shri Devendra Fadnavis To Discuss Key Industry Priorities

Discussions Centred On Fast-Tracking The Maharashtra State Gem & Jewellery Policy 2025, India Jewellery Park Mumbai Progress and Infrastructure Support To Strengthen The State’s Industry Ecosystem

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Shri Kirit Bhansali, Chairman, GJEPC and Shri Anoop Mehta, Convenor – Diamond Panel, GJEPC & President, Bharat Diamond Bourse, met Hon’ble Chief Minister of Maharashtra Shri Devendra Fadnavis in Mumbai on 18 May to discuss key priorities concerning the growth and development of the gem and jewellery sector in the state.

The talks focused on initiatives aimed at strengthening Maharashtra’s position as a leading hub for the gem and jewellery industry and enhancing ease of doing business.

A key issue discussed was the implementation of the Maharashtra State Gem & Jewellery Policy 2025, India’s first dedicated policy for the gem and jewellery sector, aimed at attracting investments worth ₹1 lakh crore and creating over 5 lakh jobs. GJEPC urged early notification and operationalisation of the policy, while the Chief Minister assured expedited implementation.

The Council leadership also reviewed progress on India Jewellery Park Mumbai (IJPM), covering infrastructure, site readiness and financial matters, including interest waiver requests, with positive outcomes expected for timely project advancement.

GJEPC further sought a single-window permission system for exhibitions and trade events held in Mumbai, citing IIJS, the world’s second-largest gem and jewellery exhibition.

The Council leadership also requested Metro connectivity extension to the Bharat Diamond Bourse to support 30,000-40,000 daily commuters, which received prompt approval.

Shri Fadnavis extended strong support and commitments towards industry growth, reinforcing government-industry collaboration to boost investment, manufacturing, exports and employment.

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