Happy Friday! Bluestone’s IPO Plans and More in Today’s ETtech Morning Dispatch
As the week wraps up, exciting developments are unfolding in the Indian tech and retail landscape. Notably, jewellery retailer Bluestone has received the green light from its board to proceed with its initial public offering (IPO) plan. This move is set to make waves in the market, alongside other significant news from Myntra, Nykaa Fashion, and Orange Health Labs.
Bluestone’s IPO: A New Chapter
Bengaluru-based Bluestone, backed by Accel, is gearing up to file its draft papers for an IPO within the next week. The company aims to raise approximately ₹1,000 crore in fresh capital while divesting a 15% stake through the offering. Recent regulatory filings indicate that Bluestone has also sought approval from its shareholders, marking a crucial step in its IPO journey.
Driving Factors Behind the IPO
The decision to go public comes in the wake of increased investor interest in the jewellery sector, particularly following Titan’s acquisition of a stake in CaratLane for ₹4,621 crore last year. Bluestone’s valuation is projected to be between ₹12,000 crore and ₹13,000 crore, although the exact pricing for the IPO has yet to be finalized. The company recently closed a ₹900 crore pre-IPO funding round, further solidifying its financial standing.
Leadership and Governance
In a strategic move to bolster its governance, Bluestone has appointed three independent directors to its board. This includes Rohit Bhasin, a veteran from PricewaterhouseCoopers, Rajesh Kumar Dahiya, a former executive director at Axis Bank, and Neha Kant, co-founder of online lingerie retailer Clovia. These appointments are expected to enhance the company’s strategic direction as it prepares for its public debut.
Myntra’s Quick Commerce Initiative
In a bid to revolutionize online fashion retail, Myntra has launched a new quick delivery service called M-Now. Currently operational in select areas of Bengaluru, the service promises delivery within 30 minutes. Myntra plans to expand this offering to major cities like Mumbai, New Delhi, and Pune in the coming months, aiming to enhance customer convenience and satisfaction.
Leadership Changes at Nykaa Fashion
In a surprising turn of events, Nihir Parikh, the CEO of Nykaa Fashion, has resigned, citing personal commitments. Parikh, who joined the company in 2015, has played a pivotal role in shaping Nykaa’s fashion segment. His departure comes at a time when the company is experiencing modest growth, raising questions about its future direction.
Orange Health Labs Secures Funding
In the healthcare sector, Orange Health Labs has successfully raised $12 million in a funding round led by Amazon Smbhav, along with participation from existing investors like Accel and Y Combinator. The funds will be utilized to accelerate product expansion, strengthen the team, and drive innovation in diagnostics, positioning Orange Health Labs for significant growth in the competitive healthcare landscape.
The Bigger Picture: GCC Expansion in India
Beyond the immediate news, the expansion of Global Capability Centres (GCCs) in India is set to increase by 8% over the next few years. This growth is driven by the need for diverse talent and the desire to mitigate risks associated with location concentration. Experts suggest that GCCs are evolving into Global Innovation Centres (GICs), focusing on innovation and research and development.
The Future of GCCs
The transformation from GCCs to GICs highlights India’s potential as a global innovation leader. With tier-II cities like Chennai and Hyderabad emerging as innovation hotspots, the landscape for talent acquisition and operational scalability is rapidly changing.
Conclusion
As we head into the weekend, the developments from Bluestone, Myntra, Nykaa Fashion, and Orange Health Labs underscore the dynamic nature of the Indian market. With Bluestone’s IPO on the horizon and Myntra’s innovative delivery service, the retail and tech sectors are poised for exciting transformations. Keep an eye on these stories as they unfold, shaping the future of business in India.