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BlueStone Nears Unicorn Status with $1.2 Billion Valuation Ahead of IPO

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Omnichannel jewellery brand BlueStone is set to enter India’s unicorn club, reaching a valuation of $1.2 billion (Rs 10,500 crore) through secondary transactions led by 360 One and Centrum Wealth. This marks a 30% rise from its August 2024 valuation of Rs 8,100 crore, ahead of its much-anticipated IPO.

Singapore-based RB Investments, an early backer with a 2–3% stake, is exiting with an impressive 10–12x return. The secondary share sales, worth Rs 300–350 crore, are part of a strategic pre-IPO reshuffle by wealth firms transferring shares to their clients.

BlueStone, which combines online convenience with offline presence, filed its IPO draft with SEBI in December 2024 and secured approval in April 2025. The offering includes a fresh issue of Rs 1,000 crore and an OFS of nearly 24 million shares, with investors like Accel, Saama Capital, IvyCap, and Kalaari Capital set to partially or fully exit.

The company’s rise highlights growing investor interest in tech-enabled, consumer-focused retail in India’s evolving jewellery market.

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Bengaluru-based lab-grown diamond jewellery startup ONYA raises ₹5.5 crore in pre-seed funding led by Zeropearl VC

The brand scales to four profitable high-street stores in Bengaluru, touching ₹2 crore MRR in 11 months

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ONYA, one of India’s fastest-growing offline-first, premium lab-grown diamond jewellery brands, has raised Rs.5.5 crore in a pre-seed round led by Zeropearl VC. The round also saw participation from prominent angel investors including MyGate founders Vijay Arishetty, Abhishek Kumar, Shreyans Daga, and Rohit Jindal; UrbanVault founder Amal Mishra; and Alkendra Pratap Singh, Managing Director of Crescendo Industries Pvt. Ltd. and Director of KE Engineers Pvt. Ltd., among others. The fresh capital will be used to accelerate ONYA’s offline retail expansion across major Indian cities.

ONYA, short for “On You,” was founded on a simple idea: to create art that looks good On You. The inspiration came from a deeply personal moment when two people ready to begin their life together realized that the ring they loved was beyond reach. That experience sparked a mission to make beautifully designed and meaningful diamond jewellery accessible to everyone. Today, ONYA stands for crafting soulful lab-grown diamond pieces that mark life’s most cherished celebrations in every Indian home.

Within 11 months, ONYA has expanded to four profitable high-street stores in Bengaluru, achieving a monthly revenue run rate of ₹2 crore. The company has also strengthened its leadership team with the appointment of Gaurav Choudhary, former Director of Products at xto10x, who joins as Co-founder.

Himani Yadav, Founder of ONYA, said, ONYA didn’t begin as a business idea — it began with a personal moment. My engagement ring was a lab-grown diamond long before the category became mainstream, and that experience made me realize how many people felt priced out of meaningful jewellery. ONYA was created to change that by bringing emotion, accessibility, and intention back into fine jewellery.

Being backed by Zeropearl VC at this stage — and by someone like Bipin, who brings a decade of deep consumer-brand investing experience, including in jewellery — adds immense value and clarity to our journey. The fact that ONYA fits naturally into Zeropearl VC’s Indiluxe thesis reinforces that we’re building in the right direction. This partnership gives us the confidence to take thoughtfully designed lab-grown diamonds to more homes across India.”

Bipin Shah, Founder and Managing Partner, Zeropearl VC, said At Zeropearl VC, we back founders who deeply understand the problem they’re solving — and Himani’s clarity stood out from day one. The ONYA team is already showing early signs of cracking an offline & Design first approach in premium lab-grown diamond space which strongly aligns with our Indiluxe thesis. Young India’s shift in how they view jewellery is undeniable, and ONYA is building right at that inflection point.

Bipin Shah

Their design focus and customer obsession give us strong confidence — and we see this as a gateway to expanding into more premium, next-gen consumer categories over time.” ONYA’s jewellery features IGI-certified lab-grown diamonds set in BIS Hallmarked gold, blending scientific precision with elegant design. With this investment, ONYA plans to expand its product lines, open more customer-first experience stores, and deepen its connection with India’s growing base of conscious luxury

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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