Prosus Values BlueStone at USD 950 Mn as Jewellery Brand Eyes IPO
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Consumer internet brand Prosus has valued Bengaluru-based jewellery retailer BlueStone at approximately USD 950 million, according to its latest annual report. This puts the company just below the USD 1 billion "unicorn" benchmark as it prepares for an initial public offering (IPO).
Prosus, a Dutch-listed firm owned by South Africa's Naspers, holds a 4.43% stake in BlueStone through its fund MIH Investments One B.V., which owns 60 lakh equity shares. The investment firm has pegged the fair value of this stake at USD 42 million.
BlueStone, led by founder and CEO Gaurav Singh Kushwaha, filed its draft red herring prospectus (DRHP) with India's market regulator SEBI in December 2024. The IPO will include a fresh issue of shares worth up to INR 1,000 crore and an offer for sale of up to 2.39 crore equity shares by existing investors.
Meanwhile, The Economic Times reported that wealth management arms of 360 One and Centrum Wealth are likely to participate in a secondary share sale. This transaction aims to provide a full exit to RB Investments and values BlueStone at around USD 1.2 billion—a 30% increase from its INR 8,100 crore (~USD 975 million) valuation in August 2024.
Prosus also reported strong financial performance for the year ended March 31, 2025. The company's core headline earnings rose 47% to USD 7.4 billion, while group revenues increased 21% to USD 6.2 billion.
Among its other investments, Prosus highlighted solid returns from PayU India (14% IRR), Swiggy (23%), Meesho (20%), and Eruditus (15%). However, its investment in healthcare startup PharmEasy resulted in a negative IRR of 29%.
With BlueStone's IPO on the horizon and a higher secondary market valuation, investor interest in the omnichannel jewellery brand appears to be rising.
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