Temasek may invest $100m in BlueStone

Potential deal can boost BlueStone’s plans to expand aggressively

SINGAPORE/ BENGALURU:

Singapore state investor Temasek Holdings is considering investing $100 million in Indian jeweller BlueStone for a stake of about 20%, two sources with direct knowledge of the matter told Reuters.

The investment would value Bengaluru-based BlueStone, also backed by venture capital firm Accel and Indian industrialist Ratan Tata, at close to $500 million, said one of the sources, who declined to be identified. The potential deal could boost BlueStone’s plans to expand aggressively in India, the second-largest jewellery consuming nation behind China, as demand surges after the pandemic. The jeweller has previously disclosed plans to open 300 stores by 2024.

It has over 150 stores now, according to its website. BlueStone operates in a market that is dominated by thousands of small and large local independent jewellery stores, but also branded outlets like Titan Company-owned Tanishq and CaratLane, and Kalyan Jewellers. Unlike many traditional jewellers, companies like BlueStone and CaratLane also offer online sales.