New Delhi, June 10 -- Homegrown venture capital firm IvyCap Ventures has logged out of a portfolio company that it first backed almost 11 years ago from its first fund before reinvesting through its second and third vehicles.

The VC firm, which is investing out of its third fund that hit final close in 2024, has sold the entire stake held through its first flagship fund in Mumbai-listed jewellery retailer BlueStone Jewellery and Lifestyle Ltd.

IvyCap's first fund offloaded about 2.6 million shares of the company-or a 1.65% stake-at Rs 524.97 apiece via open market transactions on Tuesday, pocketing nearly Rs 136.7 crore ($14.3 million), according to stock-exchange data. This comes after it divested about half a million shares during the January-March quarter.

The VC firm, a backer in companies such as Purplle, Rusk Media, and HyugaLife among others, retains a 1.6% stake in BlueStone through its second fund and 1.05% via its third vehicle. This stake is worth a total of Rs 222.7 crore at current stock prices.

IvyCap's first fund invested in BlueStone in July 2015, infusing Rs 18 crore. While the VC firm doubled down on the company via other vehicles later, the first fund only participated in this Series C round.

The latest sale takes the first fund's total harvest from BlueStone to about Rs 160 crore. Previously, it pocketed about Rs 22-24 crore in the January-March quarter, VCCircle estimates show. It held nearly 1.97% stake in the jewellery retailer after its initial public offering in August last year.

The exit helped IvyCap's first fund to clock an internal rate of return of 22.2% in rupee terms over an investment holding period of 11 years. Its multiple on invested capital stands at 8.9x, according to VCCircle estimates. That matches the minimum 20% IRR that venture capital and private equity investors chase in rupee terms.

IvyCap launched its first fund in 2024. The fund raised Rs 240 crore and invested in 10 companies, including BlueStone and beauty products e-tailer Purplle. At the time of closing its third fund in 2024, the VC firm said its first fund delivered a distribution to paid-in capital (DPI) of nearly 3X. The DPI would have increased since then.

Accel's part-exit

Meanwhile, marquee VC firm Accel, which is one of Bengaluru-based BlueStone's earliest investors, has also harvested around Rs 51 crore via open market sales while asset manager 360 One, which backed the company about two years ago, sold shares worth Rs 55 crore.

Accel's third India fund sold 0.97 million shares-about 7.4% of its holding in BlueStone-at a price of Rs 522.08 apiece.

The VC firm is BlueStone's largest institutional investor and held a 11.9% stake in the retailer via the third India fund. Ahead of the IPO, in July 2025, it monetized Rs 40 crore worth of BlueStone's shares in a secondary transaction. During the IPO, it monetized 3.4% of the company's shareholding, cashing in Rs 134.6 crore in the process. It liquidated another Rs 11.5 crore worth of shares in January via open market transactions.

Overall, the Accel fund has harvested Rs 237 crore so far. This is already more than double the Rs 111 crore it invested across multiple tranches between 2012 and 2021. The fund's unrealized gains stand at over Rs 653 crore at the current prices that could take its MOIC past 8x.

Accel also holds a 2.37% stake in the company through its seventh India fund. This is currently worth around Rs 200 crore.

Started in 2011, Bluestone offers contemporary lifestyle jewellery under its eponymous brand. It claims to be the second-largest digital-first omni-channel jewellery brand in India behind Caratlane in terms of revenue. It operates three manufacturing facilities located in Mumbai, Jaipur and Surat.

Published by HT Digital Content Services with permission from VC Circle.