Participated · Equity · Jun 2026

Turtlemint is positioned as an insurtech firm preparing to go public via an IPO scheduled to open on June 19, 2026. As part of the IPO process the company secured ₹397.20 crore from anchor investors at a price of ₹152 per share. The planned IPO aims to raise total proceeds of ₹883 crore, which includes an offer-for-sale component of ₹221 crore. The anchor allocation comprised 26.13 million equity shares, with a substantial portion (11.11 million shares) allotted to domestic mutual fund schemes. The company has engaged ICICI Securities, Jefferies India, JM Financial and Motilal Oswal as book-running lead managers for the offering. No additional operational metrics or financial performance figures were disclosed in the article.

Participated · Equity · Oct 2025

Rubicon Research focuses on the research, development, and manufacturing of specialty pharmaceutical formulations targeted primarily at regulated markets, with a particular emphasis on the U.S. market. The company operates two FDA-inspected R&D centers and two manufacturing plants that support its product pipeline. Its strategy includes both organic growth through continued product development and inorganic growth via acquisitions. Ahead of its IPO, the company highlighted plans to direct ₹310 crore of fresh-issue proceeds toward debt repayment, thereby strengthening its balance sheet. Additional funds will be earmarked for future acquisitions to broaden its portfolio and geographic reach. The total IPO is structured at ₹1,377.5 crore, combining a ₹500 crore fresh issue with an ₹877.5 crore offer for sale by promoter General Atlantic Singapore. Following the IPO, General Atlantic’s stake is expected to fall by roughly 35%, diversifying Rubicon’s shareholder base. The successful anchor book signals strong institutional confidence in the company’s growth prospects.

Participated · Equity · Aug 2025

BlueStone Jewellery operates the BlueStone brand offering contemporary jewellery through physical stores and in-house manufacturing. The Bengaluru-based company introduced the BlueStone brand in 2011 and, as of March 31, 2025, had 275 stores across 117 cities and 26 states and Union Territories, covering over 12,600 PIN codes. It operates three manufacturing facilities located in Mumbai, Jaipur and Surat. BlueStone has filed an IPO that includes a fresh issue of ₹820 crore and an offer for sale, aggregating to a potential ₹1,540.65 crore transaction at the upper end of the price band. Proceeds from the fresh issue are intended to fund working capital requirements and general corporate purposes. The company raised over ₹693.29 crore from anchor investors by allocating more than 1.34 crore equity shares at ₹517 apiece ahead of the IPO. Bluestone manufactures and retails high-value jewellery including gold, diamonds, and pearls, selling rings, pendants, chains, and earrings through its retail outlets and website. The company operates over 190 stores across 75 cities in India. It raised about $12 million (Rs 100 crore) in debt financing from Neo Markets via a debenture issuance. The board passed a special resolution to issue 10,000 debentures at Rs 100,000 each to raise the amount. Bluestone had been seeking $100 million from Peak XV Partners, Steadview Capital, and Think Investments ahead of a planned IPO. In September last year it raised around $66 million from Ranjan Pai and others and has raised $190 million to date. The company was established in 2011 in Bengaluru. BlueStone is an omnichannel jewellery retailer that sells jewellery online and through physical stores. Founded in 2011 and operated by BlueStone Jewellery and Lifestyle Pvt Ltd, it began as an online retailer shipping jewellery across India and abroad. The company currently operates 70 retail stores and plans to launch 100 more in the next fiscal year, targeting a cumulative 300 stores by financial year 2024 and expansion into cities including Visakhapatnam, Jaipur, and Indore. With this round it plans to step up its manufacturing capabilities. For the fiscal year ending March 2022 the company expects revenue of ₹500 crore, an 85% increase over the prior year, and it is targeting about ₹2,000 crore in annual revenue within the next two years. It is backed by investors such as Ratan Tata, Accel, Kalaari, IIFL, Iron Pillar, IvyCap, Saama Capital and others. BlueStone is an online jewellery retailer based in India. The company sells jewellery through its e-commerce platform. It completed a Series D financing of Rs 200 crore (about $30 million). The Series D round was led by IIFL and Accel Partners. The article does not provide details on use of proceeds, revenue, user metrics, or future plans. No other operational or financial details are mentioned in the report. BlueStone.com is an online jewellery retailer run by Bangalore-based Jewels Online Distribution India Pvt Ltd. The company sells jewellery directly to consumers via its website and mobile platforms and competes with players such as Caratlane. It reports a current revenue run rate of Rs 80–100 crore per annum and is operationally profitable. BlueStone plans to use the new funding to increase marketing and expand its team to support higher demand and faster product launches. The company currently employs about 250 staff and intends to add another 150 resources across levels. Management has stated efforts are underway to improve the user experience on mobile and desktop and to launch more designs more frequently; the CEO expressed confidence in achieving over 200% growth annually for the next 2–3 years.

Led · Equity · Oct 2023

Aequs is a diversified contract manufacturing company that began in the aerospace segment and has since expanded into consumer electronics, plastics, and cookware/small home appliances. Its customer roster includes major aerospace OEMs such as Airbus, Boeing, Bombardier, Collins Aerospace, Spirit AeroSystems, Safran, GKN Aerospace, and Honeywell, alongside consumer-sector clients like Hasbro, Spinmaster, Wonderchef, and Tramontina. The firm operates three manufacturing clusters in Karnataka (Belagavi, Hubballi, and Koppal) as well as additional plants in France and the USA. Founded by Aravind Melligeri (co-founder of QuEST Global Engineering), Aequs is backed by Amicus Capital, Amansa Capital, Steadview Capital, Catamaran, and Sparta Group. Ahead of its planned IPO, the company executed a ₹144 crore pre-IPO placement that values the new shares at ₹123.97 apiece and represents 1.88 % of equity. IPO proceeds are earmarked for debt repayment, machinery purchases for Aequs and subsidiary AeroStructures Manufacturing India, and growth initiatives including acquisitions. The IPO draft papers originally targeted a ₹720 crore fresh issue, but this has been trimmed to about ₹576 crore after the pre-IPO raise.

Led · Equity · Mar 2022

Licious operates an e-commerce platform that sells fresh meat, seafood and other animal-protein products directly to consumers across India. The company has built an integrated supply-chain network across multiple cities to procure, preserve and deliver fresh protein within hours of order. It operates in over a dozen Indian cities and last year became the nation’s first D2C brand to reach unicorn status. Licious has seen rapid growth—reporting over 500% year-on-year growth in October—and has benefited from stronger demand for D2C brands during the pandemic. Financially, the startup has raised multiple rounds and disclosed a new funding extension in this latest announcement. The company has signaled that the new funding appears to be a precursor to an initial public offering. Licious is a direct-to-consumer fresh meats and seafood delivery company serving Indian consumers. The company says it will invest in technology for supply-chain excellence, product innovation, talent, and vendor partner upgrades to build the category. Licious aims to build a sustainable, responsible business and to reimagine the animal protein category with a mix of global influence and products curated for the Indian palate. The Bengaluru-based startup has expanded across 14 Indian cities and reported growth of more than 500% over the last year. It has delivered to more than 2 million unique customers to date and allocated ESOPs to over 1,000 employees, including blue-collar workers, followed by a Rs 30 crore buyback. Recent financings have bolstered its cash position and market profile amid a boom in D2C funding in India. Licious operates an eponymous online platform selling fresh meat, poultry and seafood across more than a dozen Indian cities. The company has built a supply-chain network to procure products, keep them fresh and deliver within hours of orders. Licious says it has seen 500% growth in the past 12 months and has delivered to more than 2 million unique customers. The six-year-old startup competes with FreshToHome and benefits from rising protein consumption among consumers. It plans to use new capital to expand to multiple geographies and to broaden its technology and supply-chain networks. Industry estimates cited in the article value India’s online meat market at over $4.4 billion and growing rapidly since the pandemic. Licious operates an e-commerce platform selling fresh meat and seafood in cities across India. The company does not stock inventory; it sources raw material, processes it, and ships orders the same or next day through its own supply-chain network. Licious processes more than 17,000 orders daily, employs over 2,000 people, and reports roughly 300% year-over-year growth. The startup has raised $94.5M to date, including a new $30M Series E, and aims to generate $140M in annual revenue by 2023. It plans to use the fresh capital to expand into additional Indian cities and to launch new products. Licious competes with firms like FreshToHome, highlighting a rapidly evolving market and a large unorganized opportunity in India's meat and seafood sector. Licious is a gourmet meat start-up run by Delightful Gourmet Pvt. Ltd. The company operates in India. It focuses on the gourmet meat segment. Licious has completed a $25 million Series C funding round. The round was led by Bertelsmann India Investments, Vertex Ventures Southeast Asia and India, and UCLA, with participation from existing investors Mayfield India, 3one4 Capital, Sistema Asia Fund and InnoVen Capital. Earlier reporting said the company was in talks to raise between $25–$30 million from new and existing investors.