According to two sources, Singapore state investor Temasek Holdings (TEM.UL) may invest $100 million in Indian jewelers BlueStone for a 20% share. Temasek may invest $100 million in Indian jewelers BlueStone
One source claimed the investment would value Bengaluru-based BlueStone, funded by Accel and Ratan Tata, at nearly $500 million.
After the epidemic, BlueStone may accelerate its expansion in India, the second-largest jewelry market after China.
The jeweler anticipates 300 outlets by 2024. In addition, its website claims over 150 shops.
BlueStone competes with thousands of local individual jewelry stores and branded stores like Titan Company-owned (TITN.NS), Tanishq and CaratLane, and Kalyan Jewellers (KALN.NS).
BlueStone and CaratLane, unlike other jewelers, sell online.
Reuters is the first to reveal Temasek’s proposed investment in Bluestone, including the amount, value, and other financial facts.
One source said Temasek is conducting due diligence on the purchase and might reach a deal by July-September if discussions go well.
Reuters requested a response from BlueStone CEO Gaurav Kushwaha and Temasek.
Ravi Lambah, Temasek’s India head, told the Economic Times last month that the company has invested $1 billion in India yearly for six years and has $16 billion in underlying exposure to India, over 5% of its $297 billion portfolio.
Many Indian businesses have struggled to secure financing, delaying IPOs and firing staff as investors doubt their sky-high valuations. CB Insights said that startups raised $2 billion in the first quarter of 2023, 75% lower than last year.
