Gaurav Singh Kushwaha: A Remarkable Ascent
Gaurav Singh Kushwaha, a computer science alumnus of the Indian Institute of Technology Delhi, made headlines recently when his net worth skyrocketed to over ₹1,300 crore following the stock market debut of BlueStone Jewellery and Lifestyle.
Having forsaken his role at Amazon to venture into the online jewellery realm, Kushwaha founded BlueStone in 2011, where he retains a significant 17.70% stake through 2.45 crore shares, each acquired at an average price of ₹47.92.
Before listing, this investment was valued at ₹117.23 crore. However, it ballooned to ₹1,340.68 crore when the stock hit an intraday high of ₹548 on its inaugural trading day.
BlueStone is increasingly recognised as a formidable rival to CaratLane, the omnichannel jewellery retailer predominantly owned by Titan Company, a key player within the Tata Sons Group.
The competition highlights how digitally-oriented companies are reshaping India’s conventional jewellery sector by amalgamating online platforms with brick-and-mortar retail.
The Wealth Estimate of Kushwaha
Kushwaha’s wealth estimate of ₹1,300 crore is derived exclusively from his holdings in BlueStone and does not incorporate his other investments or income streams.
Words of Wisdom from Ratan Tata
His entrepreneurial odyssey garnered attention from the venerable Ratan Tata. In a 2014 interview with The Economic Times, Kushwaha recounted his first encounter with Tata in Mumbai, describing an initial sense of speechlessness.
“It was daunting to start a conversation,” he admitted. “His name carries weight, yet his charm and demeanor are incredibly disarming,” he elaborated.
Following his wife’s counsel, he ensured to return with a photograph, emphasising, “She said, irrespective of funding, get a picture with Mr. Tata.” Beyond merely a snapshot, Kushwaha absorbed invaluable advice during their meeting:
“If your intent is to deliver genuine value to customers, they will form a connection and place their trust in you. Aim for the extraordinary—be it in product, service, or corporate ethos.”
A Scalable Jewellery Enterprise
The realm of jewellery retail is notoriously capital-intensive. However, BlueStone sought to navigate this challenge by innovating its supply chain approach.
Initially outsourcing production, the company subsequently transitioned to in-house manufacturing, reducing production timelines to just three to four days while minimising the necessity for extensive inventories.
“We currently offer 3,000 designs. In approximately two years, we aim to expand this number to 20,000,” Kushwaha stated in an October 2014 interview.
At the time of his meeting with Tata, BlueStone’s annual sales ranged between ₹50–60 crore. Kushwaha humorously noted the personal quirks of running a jewellery business, remarking,
“My wife perennially buys items from our site. I’ve realized that being involved in this sector isn’t the most prudent choice when newly married!”
A Journey to Public Listing
Since its inception, BlueStone has evolved into a prominent national retailer. By March 2025, the company had established 275 stores across 117 cities, comprising 200 company-owned locations and 75 franchises.
Revenues surged to ₹1,830 crore in FY25, marking a 40% year-on-year increase, although net losses expanded to ₹222 crore, attributed to rising financing costs and employee stock options.
BlueStone’s ₹1,541 crore initial public offering, which concluded on August 13, received 2.72 times subscription, propelled by significant institutional demand.
The stock commenced trading on Tuesday at ₹508.80 on the BSE and ₹510 on the NSE, both below its IPO price, but subsequently rose over 6% to ₹542 during intraday transactions.
The company garnered ₹693 crore from anchor investors ahead of its listing, with plans to allocate ₹750 crore of the proceeds towards enhancing working capital.
From his initial encounter with Tata to competing against Titan’s CaratLane, Kushwaha’s blend of technology and tradition has remarkably transformed his trajectory from an Amazon engineer to a billionaire helming one of India’s rapidly growing jewellery brands.
Source link: M.economictimes.com.
