Bluestone: Bluestone bags Rs 900 cr in pre-IPO round, to file draft papers this year

The Accel-backed firm is now set to file the draft red herring prospectus for its initial public offering (IPO) with the stock market regulator this calendar year, after having closed the pre-IPO round to set the valuation benchmark, one of the persons said.

Peak XV Partners, Prosus, Steadview Capital, Think Investments and Infosys cofounder Kris Gopalakrishnan’s family investment office Pratithi Investments participated in the primary-plus-secondary share sale. “Of the total funding round, Rs 600 crore is in primary capital infusion while the rest is in secondary share sale,” one of the sources said. “Prosus has put in about Rs 350 crore while Peak and Steadview have invested over Rs 200 crore each.”
Kalaari Capital – one of the early investors in the Bengaluru-based firm – has earned about Rs 300 crore by selling a part of its stake. “Yes, Kalaari has made a partial exit by selling about half of its stake,” a person aware of the matter said.

ET first reported about Bluestone’s around $100-million pre-IPO round on May 29, and subsequently wrote about the details of the transaction on June 18. As per Tracxn, Kalaari Capital – led by Vani Kola – held about 12.3% stake in Bluestone after the last funding round in September 2023. Iron Pillar, Saama Capital, RB Investments, IvyCap and InfoEdge Ventures are among other investors in the firm, holding about 20% collectively. Founders Gaurav Singh Kushwaha and Ganesh Krishnan own nearly 14%.
Kushwaha and Kola declined to comment on the funding.

In a secondary share sale, money exchanges hands between two investors and does not go to the company coffers, unlike in primary share sale.