The direct-to-consumer (D2C) jewellery brand, BlueStone, recently secured Rs 550 crore in funding from a mix of existing and new investors, which includes notable names such as Nikhil Kamath from Zerodha, Ranjan Pai, Amit Jain, Deepinder Goyal, 360 One, and Info Edge Ventures. It's worth noting that the startup has been consistently achieving month-on-month EBITDA positivity.

In an interview with CNBC-TV18, Gaurav Singh Kushwaha, the founder and CEO of BlueStone, emphasised their strategic intent to employ the newly acquired funds for geographic expansion.

Kushwaha said, "As omnichannel is working out very well for us, we need to expand our presence in a lot many cities and there are so many cities where we are still not present.

We are only present in 70 cities right now with around 180 stores. Cities like Surat and Udaipur, are not even there and these are very big cities for us. So the idea is to expand our store presence in all these cities and a lot of capital would actually be deployed towards that."

Having been established in 2011, BlueStone has set ambitious goals, aiming to establish 200 to 220 stores by the end of the fiscal year 2024 and a further expansion to 300 stores by the end of the fiscal year 2025.

Kushwaha underscored the startup's vision to double its revenues, which stood at Rs 760 crore in FY23.

Watch the accompanying video for the entire conversation.