Mumbai: Online jewellery retailer BlueStone has secured additional funding to the tune of Rs. 35.51cr say media reports. This new amount has been secured from Iron Pillar Fund I by allotting preference shares to the fund.
According to the report, a filing was made to the Registrar of Companies stating that 4,26,572 Compulsorily Convertible Preference Shares bearing a face value of Rs. 10 per share and a premium of Rs 814.05 per share have been allotted to the Fund.
Further, the report added that the etailer has also allotted “100 equity shares with a face value of Rs 1 each at a premium of Rs 823.05 per share to Iron Pillar Fund I for an aggregate subscription amount of Rs 82,405”.
Earlier, in July this year, BlueStone had about Rs. 200 crore in funding from a clutch of investors, including existing and new ones. The current exercise is pursuant to that development when Iron Pillar Fund I had come in as a new investor.
Founded in 2011, Bluestone Jewellery and Lifestyle, is owned by Gaurav Singh Kushwaha and Vidya Nataraj.
Iron Pillar Fund I is managed by Mauritius-based Iron Pillar Capital Management Limited, and invests in mid-stage technology companies in India.
