National News
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.
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.
National News
GJC Addresses HUID Data Exposure Issue With BIS, Corrective Measures Are Currently Being Initiated
BIS Care App That Exposed The Name and Addresses Of Jewellers While Verifying HUID Details .
The All India Gem and Jewellery Domestic Council (GJC) has successfully intervened following a technical anomaly on the BIS Care App that exposed the name and addresses of jewellers while verifying HUID details .
Over the past few days, the BIS Care App was found to be displaying the names and addresses of individual jewellers during routine Hallmark Unique Identification (HUID) verifications. Recognizing the privacy implications for its members, GJC immediately escalated the matter to the highest appropriate levels within the Bureau of Indian Standards (BIS).
Upon receiving GJC’s representations, BIS officials acknowledged the discrepancy. The Bureau clarified that such operational details are strictly intended to be visible only for corporate jewellers who have voluntarily opted into the ‘Transfer HUID’ module under the current BIS framework. The data exposure was not intended for general registered jewellers.
GJC has been assured that BIS has escalated the issue internally. Corrective measures are currently being initiated on a priority basis, and the technical glitch is expected to be fully resolved at the earliest.
GJC remains fiercely committed to safeguarding the interests of the domestic jewellery trade the Council stated, reaffirming its dedication to ensuring that members’ operational concerns are promptly and effectively represented before regulatory authorities.
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