Ratan Tata-backed jewellery retailer BlueStone names Rumit Dugar as CFO

Rated among India's top analysts, he has been associated with organisations such as JP Morgan, Infosys and IDFC

Ratan Tata-backed BlueStone, a leading omnichannel jewellery retailer, has appointed Rumit Dugar as its Chief Financial Officer (CFO). Dugar brings with him over 17 years of experience across multiple domains, such as technology, fintech and equities businesses. Upon assuming his new role at BlueStone, Dugar will be spearheading the entire finance function of the enterprise, driving controls and governance framework, capital access and allocation and investor engagement.

“BlueStone is scaling at pace and establishing its presence across the country, thanks to our unique omni-channel model, which is today paving the way for a new fine jewellery shopping experience in India,” said Gaurav Singh Kushwaha, founder and CEO of BlueStone. “With our operations expanding to over 25 cities across the country and continuing to grow, we were on the lookout for a strong and experienced leader to manage the ever-growing finance function and zeroed in on Rumit (Dugar), whose expertise across verticals in the domain, will be a huge value add for BlueStone. We believe he will be the right fit to take the company to the next level.”

Dugar rated among India’s top analysts, according to Asiamoney, a leading financial publication and subsidiary of Euromoney. He has been associated with leading organisations such as JP Morgan, Infosys and IDFC to name some and began his career in 2004 as an ERP consultant, from where he moved to the equities business within JP Morgan. He has led the technology and telecom sectors for investment banks across geographies, including India, Europe and Hong Kong. Prior to joining BlueStone, Dugar was the chief financial officer and head of the strategy at Niyogin Fintech, a public listed Fintech neo-banking platform delivering impact-centric solutions to MSMEs, and served on the board of its subsidiaries across payments and wealth. His expertise ranges across multiple areas, including the CFOs office, strategy, M&A, investor relations and capital markets research.

“Jewellery is a new segment for me and I am excited to be a part of BlueStone’s journey in revolutionizing the jewellery buying experience,” said Rumit Dugar, CFO, BlueStone. “I believe my skills and know-how will allow me to build, strengthen and streamline processes that will have a bearing on the long-term growth prospects of the enterprise. I am honoured to be working with a team of professionals who bring in rich expertise in growing and establishing new-age enterprises.”

In his new role at BlueStone, Dugar will be enhancing initiatives of market expansion and reaching targeted audiences across broader geographies by looking at ways of enhancing the brand’s capital base with strategic growth initiatives. Dugar holds an MBA in Finance from SP Jain Institute of Management and Research and a B.E. in Computer Science from VTU.

Dugar has been appointed CFO at a time when BlueStone recently raised over $30 million in funding at a valuation of $410 million. The funding round was led by Sunil Kant Munjal, Chairman, Hero Enterprise. BlueStone is India’s largest omnichannel precious jewellery brand with a design-led approach and with fresh collections being updated every month.

With this round of funding, Bluestone is planning to step up its manufacturing capabilities. In the fiscal year ending March 2022, the company will record revenue of Rs 500 crore (a growth of 85 per cent over the previous fiscal year), with break-even achieved. In the next two years, the company is targeting annual revenue of more than Rs 2,000 crore. The company is accelerating a nationwide store rollout; its current base of 70 retail stores across India complements its pioneering digital channel, providing it with a robust omnichannel presence. The company’s expansion has been accomplished in a highly capital-efficient manner. BlueStone plans to launch 100 more stores in the next fiscal year, with a cumulative footprint of 300 stores projected by 2024.