bluestone IPO: Peak XV, Steadview may fund Bluestone in pre-IPO round of Rs 830 crore

This pre-IPO (initial public offering) round will be a mix of share sale by early backers and fresh capital infusion that is expected to value the omnichannel retailer at around ₹7,500 crore ($900 million) pre-money, they added. Peak XV is investing about ₹415 crore ($50 million), the people said. “Peak XV is in talks to lead the funding amid a wider inclination of venture funds to tap domestic brands and offline retailers,” said a person familiar with deal discussions.

ET on May 29 reported Bluestone is stitching up a $100-million round and may join the unicorn club ahead of its planned public listing later this year.

ET Bureau

Cash Out
Peak XV has been backing retail brands such as Mokobara and Lyskraft of late. The round “is a mix of primary and secondary transactions. Some family offices, through special purpose vehicles, may also join the round, which is expected to close in the next few days,” said a person aware of the matter.Accel and Kalaari Capital, the two early investors in Bluestone, own over 30% in the company. Others like Iron Pillar, Saama Capital, RB Investments, IvyCap and InfoEdge Ventures hold another 20% collectively. Founders Gaurav Singh Kushwaha and Ganesh Krishnan own nearly 14%.The latest round values Bluestone at more than double its last funding – in September 2023 – when it raised capital from Manipal Group chief Ranjan Pai, Zomato founder Deepinder Goyal and Zerodha’s Nikhil Kamath, among others, at a $450-million valuation.

Emails sent to Steadview, Think Investments and Bluestone chief executive Kushwaha did not elicit any response till press time on Monday. Peak XV (formerly Sequoia Capital India) declined to comment.

VC Wave
This latest deal underscores a rising trend of tech-first venture funds betting on various retail companies where new-age brands are challenging incumbents.

For Steadview and San Francisco-based Think Investments, the IPO-bound Bluestone is a good fit. Steadview’s India portfolio includes Ola, Lenskart and Urban Company, while the Shashin Shah-led Think has backed companies such as Swiggy, Dream11 and Star Health Insurance.