BlueStone's IPO Moment, Delhivery's Profitability Streak & More

BlueStone’s IPO Moment Is Here

After 14 years in business, BlueStone is all set to make its D-Street debut later this month. The company has filed its red herring prospectus (RHP), and its public issue will open for subscription on August 11. But below the big milestone for the company, something seems to be unsettling.

Well, the omnichannel jewellery brand has trimmed the size of its fresh issue by 18% to INR 820 Cr and slashed its OFS component by nearly half to 1.4 Cr shares. IvyCap Ventures, which initially planned to sell off 31.3 Lakh shares, has chosen not to partake at all.

So, what’s behind BlueStone’s trimmed IPO plans?

Caught In Headwinds: BlueStone’s upcoming public listing faces a gamut of challenges – swelling losses, a cautious market and a cluttered jewellery market dominated by giants. Making matters worse is the company’s aggressive marketing spending and capex-intensive retail expansion, which may make profitability difficult to achieve in the near term.

The Shaky Economics: BlueStone’s decision to proceed with its IPO also comes despite its ongoing profitability challenges. In FY25, the jewellery brand’s:

• Losses soared 56% YoY to INR 221.8 Cr
• Total expenses surged 41.7% to INR 2,049.9 Cr, up from INR 144.5 Cr in FY24
• Operating revenues grew 40% YoY to INR 1,770 Cr

BlueStone’s Trump Card: BlueStone is banking on its offline push to attract investors. The omnichannel brand’s physical stores contribute to steady growth in its top line, reduce dependence on online marketplaces, create brand recall and pave the way for digging deeper into Tier I markets.

As Bluestone sets its sights on becoming India’s first new-age jewellery brand to list on the bourses, here is a lowdown on how its IPO stacks up.

From The Editor’s Desk

Delhivery’s Profitability Streak: Building on its FY25 profit run, the logistics giant clocked its highest-ever quarterly profit in Q1 FY26. But the path ahead may be tricky, as it manoeuvres the quick commerce game and Ecom Express integration.

Fibe Nets $25 Mn Debt: The digital lending platform has raised the debt from a clutch of financial institutions, including Franklin Templeton Alternative Investments Fund India. Fibe offers short and long-term loans to salaried employees.

Zostel Rejigs Top Deck: The hospitality startup has elevated Aviral Gupta to the role of CEO while cofounder Dharamveer Singh Chouhan has transitioned to the role of chairman. The startup caters to travellers via its 120+ hostels and homes in 120 destinations across India.

BlackBuck’s Q1 Show: The logistics major reported a profit of INR 33.7 Cr in Q1 FY26, up 17.5% from INR 28.7 Cr in the year-ago quarter. Operating revenue zoomed 56% YoY to INR 143.6 Cr during the quarter under review.

Tesla’s India Expansion: After Mumbai, the EV giant is all set to open its second showroom in India next week in Delhi’s Aerocity. Tesla has also leased a 33,000 sq ft retail and service space for nine years on Sohna Road in Gurugram for INR 40 Lakh a month.

Fintechs Vs DPDP Act: The NPCI and aggregators like Google Pay and PhonePe have urged the Centre to exempt them from a provision of the Act, which requires user consent for each transaction. They believe that the rule would lead to a rise in cost and complexity.

TurboHire Nets $6 Mn: The AI-powered HR tech startup has raised the capital in its Series A round led by IvyCap Ventures. TurboHire leverages agentic AI to automate the enterprise recruitment process and streamlines the hiring lifecycle for enterprises.

Gensol Insolvency Saga: The NCLAT has barred the EPC company’s resolution professional from leasing out 152 EVs, which were rented from SMAS. In April, SEBI found Gensol promoters guilty of misleading regulators and using the company’s funds for personal use.

Inc42 Startup Spotlight How Curie Money Is Helping Users Save With UPI Payments

Digital payments continue to grow by leaps and bounds in India. However, the convenience of making a payment in a single touch has led to people spending recklessly and depleting their savings. But Curie Money wants to change this.

Saving Through UPI: Founded in 2022, the UPI-focussed fintech platform helps its users invest in savings while continuing to use UPI as they normally would. Instead of letting a customer’s money sit idle in a low-interest savings account, Curie invests it into liquid mutual funds, which are financial instruments that typically offer higher returns while still allowing instant access.

Whenever one needs to make a UPI payment, the app automatically deducts the amount from the invested funds and completes the transaction. This way, the money remains invested, without affecting daily convenience.

A Novel Approach: With its unique business model, the Bengaluru-based startup operates at the intersection of digital payments and investment tech segments, which are projected to become $250 Bn and $74 Bn market opportunities by 2030, respectively.

Backed by India Quotient, can Curie Money disrupt the fintech game with its UPI-centric twist on savings?

The post BlueStone’s IPO Moment, Delhivery’s Profitability Streak & More appeared first on Inc42 Media.