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Online jewellery store BlueStone set to raise $25 mn

BlueStone.com,
an jewellery e-tailer,  is reportedly in
talks to raise $25 million, double its headcount of 200 and grow its current
turnover of Rs. 100 crore by three times, over the next 12 months, reports the

BlueStone.com,
an jewellery e-tailer,  is reportedly in
talks to raise $25 million, double its headcount of 200 and grow its current
turnover of Rs. 100 crore by three times, over the next 12 months, reports the
Hindu Business Line.

Previously, other
than its three main investors, Accel Partners, Saama Capital and Kalaari Capital;
the e-tailer has attracted strategic investments from Ratan Tata and serial
entrepreneur Ganesh Krishnan.

Gaurav Singh
Kushwaha, Founder and CEO, BlueStone.com was quoted in Hindu Business Line as
saying, “We will be profitable by 2017-2018 despite our continued investments
in growing our business. Ours is not an inventory-led business model, we make
and deliver after we receive orders from customers unlike offline jewellery
stores that store large inventory. We launch 2 jewellery collections a month
and 20 collections a year compared to large offline players that launch 3
collections over 3 years. Most important, our range of 3,500 unique designs is
easily double that of any offline store today and we plan to enhance it to
30,000 unique designs in the next 2 years.”

The average
selling price on BlueStone.com has seen an upward trend from Rs. 12,000 when it
first launched, to Rs. 20,000 at present and this will continue in the upward
direction, says Kushwaha in the report.  

So far, 50,000
people from across the country have bought jewellery from BlueStone.com. To
enhance the customer experience, the company opened experience/display centres
in Bengaluru, Mumbai and Delhi. A home try-on service launched a year ago is
witnessing traction of 150-200 customers a month and conversions as high as 70
per cent.

 “Typically customers who want to buy high
value jewellery like bangles and necklaces opt for the home try-on service
which has been very successful for us” Kushwaha was quoted in the report as
saying. BlueStone.com targets the 25-35 age profile of which 95% are women.

To support its
growth, BlueStone.com is looking to double its headcount from 200 to 400 over
the next 12 months. “Unlike the top e-commerce firms in the country, 80 per
cent of our workforce are from the jewellery segment and just 20 per cent from
e-commerce, because we are a design-heavy, fine jewellery brand that chooses to
retail only online right now.” Kushwaha added.

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