Omnichannel jewellery retailer BlueStone is poised to become India’s newest unicorn, with secondary deals valuing the company at approximately $1.2 billion (Rs 10,500 crore)—a sharp leap ahead of its upcoming public offering.

The latest valuation has emerged from advanced secondary share sale discussions led by 360 One and Centrum Wealth, whose private wealth arms are enabling exits worth Rs 300–350 crore. Both firms are transferring their stakes to clients in a pre-IPO shuffle, aimed at optimising returns before BlueStone hits the bourses.

This new figure represents a 30% uptick from the company’s Rs 8,100 crore valuation in its August 2024 funding round, signalling a surge in investor confidence in BlueStone’s strategy and sector potential.

Among the notable exits is Singapore-based RB Investments, which holds a 2–3% stake in the Bengaluru-headquartered brand. The firm is expected to achieve a 10–12x return through these secondary deals—one of the more lucrative outcomes in India’s growing direct-to-consumer (D2C) space.

BlueStone, which has gained prominence through its online-to-offline hybrid retail model, filed its draft red herring prospectus with SEBI in December 2024 and received regulatory approval in April this year. Its IPO will include a fresh issue of shares worth Rs 1,000 crore, alongside an offer-for-sale (OFS) of nearly 24 million shares. Investors like Accel, Saama Capital, IvyCap Ventures, and Kalaari Capital will participate in the OFS, partially or fully divesting their holdings.

With its sights set on the public markets, BlueStone’s trajectory reflects the evolving appetite for consumer-first, tech-enabled retail brands in India’s jewellery sector—one that blends tradition with innovation.