BlueStone to turn a profit in 2018

BlueStone to turn a profit in 2018

BlueStone to turn a profit in 2018

Online precious jewellery platform BlueStone has announced plans to achieve overall profitability by 2018. The company recently raised Rs 200 crore in Series D funding and intends to invest the same in “establishing the brand”, according to Gaurav Singh Kushwaha, Founder and CEO of BlueStone.com.

The company had raised $15 million in Series C funding in the first quarter of 2015. “Last time around, we invested significantly in building the team. We made some appointments across the board to support the kind of growth we were looking at. This time, we plan to invest in expanding design and manufacturing capacities as well as marketing initiatives,” he said.

Backed by a strong design team, the platform will scale its offering from the current 5,000 designs, to 30,000, in the next three to four years. “Online, the most popular categories are rings and earrings. Almost 50% of the sales comes from these categories,” he said, adding, “The reason for the popularity of these categories is their reasonable price points. In India, where online shopping is still nascent, customers are comfortable buying jewellry online at lower price points.”

However, the CEO insists that higher price-point categories will soon gain popularity, what with the country’s internet and smartphone consumer base growing, and online shopping becoming a common practice. “The average selling price on the platform, which used to be Rs 30,000 about three to four years ago, is now double that value. Going by the current trend, we expect it to increase by another 30-50% by 2018,” he said.

The company, with its current revenues around at Rs 250 crore, targets Rs 1,000 crore revenues by 2018, when it plans to become profitable.

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