Ratan Tata-backed online jeweller BlueStone is staying away from the offline model, despite its nearest competitors like Carat Lane having 10 brick & mortar stores.
“Consumers still like to browse through jewellery sites and the online model is the best suited for this ‘experiential’ category,’’ states Gaurav Kushwaha, Founder & CEO.
The four-year-old portal is, however, willing to send its executives home once a customer decides to buy and try on the jewellery selected. “We believe in giving our consumers the option of trying out the jewellery at home rather than open stores for the same. But online jewellery selling has been a difficult proposition in India. Our average ticket size is ₹25,000 and it is challenging to sell big ticket items online,’’ he added.
Designing and manufacturing its own jewellery, BlueStone is fortunate to get Ratan Tata as an investor since the time it had done its Series B round of funding. “His banker CitiBank approached us and since then we have benefited from the crisp and clear thoughts he has on jewellery making since he has an eye for design,’’ said Kushwaha
With gross merchandise value (GMV) at ₹300 crore, the jewellery portal is now getting ready to raise $30 million from its existing and new investors, including Ratan Tata. “We will be executing a new business plan and expect our investors to put in more money. This time we will be seeking funding of $30 million in the next six-eight months from our existing investors like Accel Partners and Kalaari Capital along with new investors. At the company level, we should manage to break even in the next two years,’’ he added. Its high profile investors continue to hold majority stake in the company which exists under the name of BlueStone Jewellery & Lifestyle.