Bluestone Unlisted Shares

Bluestone Jewellery and Lifestyle Ltd
INE304W01038
Incorporation Date: 22-Jul-2011
Listing Status: DRHP Filed

About Bluestone Unlisted Shares
Overview of Bluestone Unlisted Shares
BlueStone is a modern, stylish, and creative direct-to-consumer (D2C) omni-channel jewelry brand that has carved a distinct niche in India’s evolving jewelry market. Launched in 2011 as an online-only platform, the brand initially targeted women in the age group of 25 to 45, offering them a fresh, contemporary alternative to traditional jewelry retail. Over the years, BlueStone has expanded its physical footprint significantly and now boasts 192 physical stores across the country, strengthening its offline presence while retaining its digital DNA.
A significant portion—approximately 80-85%—of BlueStone's sales are driven through its unique “online to store” model, where customers browse and select products online but complete their purchases in-store. This hybrid approach combines the convenience of digital browsing with the assurance of an in-store ‘look and feel’ experience, effectively addressing the common trust gap in online jewelry purchases.
What truly sets BlueStone apart is its cutting-edge 3D rendering model technology, which enables highly detailed and interactive product visualization. This, paired with a vast and diverse product catalogue and a well-distributed store network, provides customers with a seamless and engaging shopping journey. Whether customers prefer online ease or in-person assurance, BlueStone bridges both worlds with innovation and elegance, reinforcing its position as a trendsetter in the new-age jewelry retail landscape.
Timeline
2011 – Inception
- Pioneered e-commerce in online jewellery in India.
2012 – Transformation through Technology
- Introduced industry-leading 3D rendering and online presentation of jewellery.
2014 – In-House Manufacturing
- Became a fully integrated company with in-house manufacturing capabilities.
2016 – Online B2C Revenue Scales
- Significant growth in web and app traffic; business-to-consumer model gains momentum.
2018 – BlueStone Turns Omnichannel
- Opened its first physical store in New Delhi.
- Began offline presence to complement online reach.
2019 – Store Breakeven
- Stores typically reached breakeven in 2–3 months post-launch.
2022 – Retail Expansion
- Scaled up to 76 stores across 40+ cities in India.
2023 – EBITDA Positive
- Achieved EBITDA profitability, marking a key financial milestone.
Shareholding and Debt Stack
Management
Person |
Position |
Representing |
About |
Gaurav Singh Kushwaha |
Managing Director |
Founder & CEO |
- Comes with a tech background; started career at Tavant Technologies and Amazon. - Founded Chapak, acquired by Flipkart in 2011. |
Prashanth Prakash |
Director |
Accel Partners |
- Currently a partner at Accel. |
Vikram Gupta |
Director |
Ivycap Ventures |
- Has 20+ years of experience in VCs, M&A, business consulting, and strategy & technology. |
Sameer Dilip Nath |
Director |
Iron Pillar |
- Managing partner at Iron Pillar. - Worked at Citi Bank prior to that. |
Business Process Flow
Products
Insights of Bluestone Unlisted Shares
Financials
Particulars |
FY22 (₹ Cr) |
FY23 (₹ Cr) |
FY24 (₹ Cr) |
Revenue |
461 |
771 |
1,266 |
EBITDA (Reported) |
-26 |
-56 |
53 |
PAT |
-1,268 |
-167 |
-142 |
• Company opened its first store in Jul’18 and has been constantly expanding, with 192 stores as of Mar’24.
• Revenue of the company has gone up considerably in H2FY24 turning the company EBITDA positive (detailed in previous slide)
• Company generates 10% of its revenue solely through online channel
• Backward integration leading to in-house manufacturing has played a major role in normalising Gross Margins to ~ 38-39% starting FY24.
• Company’s vintage stores have shown revenue SSG (Same Store Growth) of ~34% (over last 4 quarters), with stable EBITDA converging at 12-14%. With Corporate overheads stabilizing, this extra EBITDA shall further provide buffer for debt servicing.
• Franchisee fee is 6% of Revenue or 12% of capital invested, whichever is higher (when 2-3 crores of inventory is placed in store).
Strong Counterparty
• One of the earliest ventures in online and then omnichannel jewelry segment.
• Company has raised Rs 1,113 crores of equity till date including Rs 550 cr raised in Sep’23 at a valuation of Rs 3,600 cr.
• Presence of marquee investors like Accel, Kalaari, Hero Family Office, Ivycap, InfoEdge, 360 One, Nikhil Kammath etc.
Strong and improving financials
• Strong YoY SSSG (Same Store Sales Growth): ~47% for Q3FY24, with store level EBITDA break-even being reached within one quarter of operation.
• Gross Margin ranging ~35-40% with contribution margin of 30-34%. Comparatively higher studded jewelry in product mix helps propel gross margins, Inhouse manufacturing substantially cuts down costs compared to peers.
• Blended EBITDA at Store level for last 6 months has been ~19%.
• Company turned EBITDA +ve in Aug’23 and has been so continuously since Oct’23, even after adjusting for rental costs.
• Debt/ Equity is 2.33x & Net Debt/Equity is 0.68x as on Mar-24
• Net Debt of Rs 254 cr as of Mar-24 compared to valuation of Rs 3,600 cr and prospective IPO valuation of Rs ~5,000 – 7,000 cr. Additionally there are franchise deposits of Rs~280 cr as on Mar-24.
• Further scope for deleveraging Balance sheet with reducing margins on gold metal loans (currently 105%; company has received sanction letter from Axis with no margin stipulations).
Liquid collateral
• Fund shall have charge on current assets which majorly comprises of inventory of which majorly is gold (~70%, Rs 690 cr against net debt of Rs 254 cr).
Industry Tailwinds
• Jewelry is the 3rd largest retail category in India with Industry expected to grow at ~14% CAGR. Govt initiatives like compulsory hallmarking and introduction of GST would further help the organized sector growth.
• Comparable peers such as Carat Lane have grown exponentially over the years and have been acquired by Tata Group. However, the market is still unsaturated allowing players to create their own niche target segment.
Financial Charts of Bluestone Unlisted Shares
Balance Sheet of Bluestone Unlisted Shares
Profit and Loss of Bluestone Unlisted Shares
Ancillary of Bluestone Unlisted Shares
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of Bluestone Unlisted Shares
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How to buy Bluestone Unlisted Shares?
Below are three ways through which you can purchase Bluestone Unlisted Shares:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to buy Bluestone Unlisted Shares, please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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How to sell Bluestone Unlisted Shares?
Below are three ways through which you can sell Bluestone Unlisted Shares:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to sell Bluestone Unlisted Shares, please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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What is the price of Bluestone Unlisted Shares?
We provide a two way quote on all the shares we deal in. Your buy price for Bluestone Unlisted Shares is ₹985 and your sell price for Bluestone Unlisted Shares is ₹700. The price is based on our estimates and market conditions.
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What is the lock-in period of Bluestone Unlisted Shares?
The lock-in period for Bluestone Unlisted Shares varies depending on the category of investors:
- For retail Investors, HNIs, or Body Corporates, the lock-in period is 6 months from the date of the listing of Bluestone Unlisted Shares
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of Bluestone Unlisted Shares
- For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period
August 2021 saw the introduction of this regulation by SEBI. The purpose of the regulation change, which lowered the lock-in period from a year to six months, was to incentivize additional investments in firms getting ready for initial public offerings, or IPOs. Since its introduction, a number of Portfolio Management Services (PMS) have advised their clients to purchase Pre-IPO shares in order to take advantage of the advantages associated with early-stage investments. This reduction in the lock-in period is considered as a significant step forward.
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How is the Bluestone Unlisted Shares price calculated?
Fundamental & Comparative valuation models and the forces of demand and supply in the market for unlisted shares dictate the price. These prices are based on our estimates and transaction history of Bluestone Unlisted Shares. The price is also determined from the most recent funding round for Bluestone Unlisted Shares. This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts.
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What are the lot sizes of Bluestone Unlisted Shares?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of Bluestone Unlisted Shares with us kindly click here.
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What are the financials of Bluestone Unlisted Shares?
The financials of Bluestone Unlisted Shares which includes the P/L of Bluestone Unlisted Shares and the Balance Sheet of Bluestone Unlisted Shares is in the financials section (Click on link).
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Where can I find the annual report of Bluestone Unlisted Shares?
The annual report of Bluestone Unlisted Shares is available in the annual report section (Click on link).
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Is buying Bluestone Unlisted Shares legal in India?
Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely.
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Short-term Capital Gain taxes to be paid on Bluestone Unlisted Shares?
When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.
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Long-term Capital Gain taxes to be paid on Bluestone Unlisted Shares and how are They Taxed?
Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:
- Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%.
- Indexation Benefit: This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain.
- Importance for Investors: Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.
- Calculation: LTCG is calculated by subtracting the indexed cost of acquisition (the purchase price adjusted for inflation) from the sale price of the shares. The profit thus calculated is subject to a 20% tax.
- Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.
- Relevance: This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.
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Applicability of Taxes on Bluestone Unlisted Shares once it is listed?
When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:
Transition to Listed Market Tax Rates: Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favourable tax treatments for listed shares, as per the prevailing tax laws, will apply.
Taxation Based on Holding Period: The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.
Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.
Conversely, if sold within one-year, Short-term Capital Gains (STCG) tax rates apply.
Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.
Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance. -
How does Altius Investech source Bluestone Unlisted Shares?
At Altius Investech, our approach to sourcing Boat Unlisted Share (Imagine Marketing) involves a strategic and direct method. Primarily, we acquire these shares from the below key groups:
Employees of the Company: Employee stock option plans (ESOPs) or other compensation packages frequently include shares for firm employees. For a various reasons, such as including portfolio diversification or financial considerations, some of these employees may eventually choose to sell their shares. We engage with these employees, providing them a platform to sell their shares.
Initial Investors: These are the angel or early-stage investors who provided capital to the business in its early stages. These original investors may look to sell all or part of their ownership position in the company as it develops and flourishes. This might be done for various reasons such as in order to maximise their investment, reallocate resources, or make other calculated financial decisions.
Funding rounds and VC funds: Altius Investech sources the shares from private placement rounds in which private companies seek to obtain capital from the market. Through our platform, venture capital funds can liquidate their shares and we receive the inventory from them when they decide to sell a portion of their ownership through block trades.
By establishing connections with these groups, Altius Investech guarantees our clients a steady and dependable supply of Boat Unlisted Share (Imagine Marketing). This process not only makes it easier for employees and initial investors in liquidating their assets, but it also gives our clients access to shares that aren't often found on the open market. Our platform effectively facilitates a win-win situation for both buyers and sellers. -
How to trust Altius Investech before buying Bluestone Unlisted Shares from its platform?
Altius Investech stands at being India's fastest growing and leading marketplace for buying and selling unlisted shares. We believe in enabling access to alternative sources of investments at lower entry barriers to private equity investments.
With more than 25 years of experience, Altius Investech has carved a niche in the financial market by serving more than 8000 clients. The incredible journey is further highlighted by the vast number of transactions that Altius Investech has facilitated transactions that have already exceeded 300 crores.
For investors Altius Investech curates investment opportunities in companies at reasonable valuations which are on the verge of an IPO leading to massive value unlocking. Investments are backed by thorough research and sound investment thesis, with a time bound exit plan.
For ESOP Shareholder and existing Investors, we assist them to liquidate their shares even if they are not publicly traded by creating a platform where we find the right buyers and sellers for the best prices.
Altius Investech have been featured in top media news outlets like Economic Times, Financial Express, Money control. Check out about us on these - leading publications (Click on link) Our journey over these years has not just been about numbers; it's been about building trust and reliability.
We at Altius Investech are dedicated to upholding the greatest levels of ethics and transparency, making sure that your investment experience is not only profitable but also safe and reliable.
Press of Bluestone Unlisted Shares
Featured Blogs of Bluestone Unlisted Shares
Annual Report of Bluestone Unlisted Shares
Company Information of Bluestone Unlisted Shares
