Celebrating BlueStone’s IPO: A decade of design, trust, and quiet endurance

Today, as BlueStone rings the bell, we feel immense gratitude. From our first conversations with Gaurav over a decade ago to seeing the company list today, it has been our privilege to be their first partners on day zero.

Why we leaned in so early
Back then, we were mapping India’s e-commerce landscape with a prepared mind. Jewelry stood out as a category where brand, design, and supply would define success more than marketplace placement. It was during that time we first met Gaurav, an operator who thought from first principles, carried the curiosity to master a new category, and the humility to keep challenging assumptions. That conviction gave us the confidence to back him early.

A hyperlocal and customer-obsessed thesis for India
Global playbooks suggested solitaires. Gaurav believed India would lead with gold and with design. Jewelry here would be defined by everyday wear, not just wedding trunks. It would not be a logistics or price game, but a brand and taste game. That thesis has shaped BlueStone’s trajectory and proven right.

Trust by design
BlueStone pioneered high-fidelity 3D rendering so customers could see the sparkle, not imagine it. They introduced home try-ons with alloy replicas and transparent exchange policies that reflected real buying behavior. These were deliberate choices to build confidence first, conversion next.

Building full-stack, before it was fashionable
Gaurav was arguably the first startup entrepreneur in India to think full-stack in a consumer category. He understood that disrupting an industry like jewelry needed a rethink at multiple levels, not just the front-end tech stack. From design and visualization to supply chain and retail, he built capabilities end-to-end. This included setting up multiple manufacturing centers, with Jaipur today being one of the largest in the country. This approach gave BlueStone control over quality, speed, and innovation that few competitors could match.

Omnichannel, with tech at the core
Long before it was consensus, BlueStone treated online and offline not as a trade-off but a continuum. Stores followed, thoughtfully. Inventory followed, scientifically. What sets them apart is how a design-first brand embedded a tech-first backbone. An ML-driven engine allocates designs across hundreds of stores, driving faster turns and sharper insights. Few companies in this space have blended taste and technology so seamlessly.

Weathering the middle
Building a consumer brand is a long game. In the mid-2010s, India lacked true mid-stage capital for vertical commerce. BlueStone stayed frugal and focused, steadily broadening its catalog, deepening manufacturing capabilities, and sharpening unit economics. The company moved through challenges with consistency, learning and building in every cycle. That discipline made today possible.

What this milestone signals
Today’s listing is not the end of the journey. It is still Day 1 in making millions of customers happy, and the best is yet to come. The opportunity ahead is vast: AI-assisted design, new material fusions, deeper manufacturing innovation, and global customers already drawn to BlueStone’s aesthetic. The IPO marks trust earned at scale and opens a new chapter as a public company.

To Gaurav and the BlueStone team, thank you for letting us walk alongside you from “no website yet” to this milestone. To early employees who bet careers on a thesis, to customers who chose design over habit, and to co-investors who backed resilience over fashion, this outcome carries your fingerprints.

At Accel, we are privileged to be first partners to founders who elevate the everyday. BlueStone did not just change how India buys jewelry, it made great design feel personal, frequent, and joyfully attainable.

Here is to the next chapter, and to keeping the bar high on what is possible when taste, technology, and tenacity meet.

— Prashanth Prakash, Partner, Accel