PE-controlled and Bangalore-based online jewellery e-tailer Bluestone is planning to expand across the country with offline stores. The company is planning to open around 100 stores over the next two years.
After inaugurating company's new showroom in Chennai on Tuesday, Gaurav Singh Kushwaha, founder & CEO of Bluestone said that the firm is a product-oriented company hence marriage to one channel (e-commerce) alone wouldn't help.
"The company has opened five stores so far and plans to add another 100 in the next two years," he added.
While all the stores opened till now are owned by the company, going forward, it will rope in franchise partners. Nearly 70-80 per cent of the new stores will be added franchise partners, says Kushwaha.
Company's focus would be metros and tier-I since the target customers for the brand is millennial.
Each of these stores will be spread over in 600-1,000 sq ft and would attract investment to the tune of Rs 15-20 million.
"Funding our own network is not an issue. Investors have raised nearly Rs 3 billion till now," said Kushwaha.
Since 2011, the company has raised money from many investors including Ratan Tata, Accel Partners, Kalaari Capital, Ivycap Ventures, RB Investments, Iron Pillar Fund and India Infoline Finance Ltd (IIFL) and others.
The company aims to close this financial year with a revenue of Rs 3 billion as against Rs 1.13 billion, a year ago.