'Spending ahead of revenue': Indriya's CEO Sandeep Kohli on marketing strategy

Indriya, the jewellery brand under the Aditya Birla Group, is prioritizing significant marketing and advertising investments ahead of its revenue goals, according to CEO Sandeep Kohli. Speaking in an interview with Storyboard18, Kohli emphasized that, despite being a late entrant in the competitive jewellery sector dominated by India’s largest conglomerates, the brand is strategically directing its marketing efforts to establish a strong consumer presence.

Indriya’s marketing budget, Kohli revealed, allocates 60 to 70 percent towards new media platforms, where the focus is on gauging direct customer engagement. Meanwhile, 30 to 40 percent is spent on traditional media outlets, underscoring the brand’s balanced approach to modern and conventional advertising channels.

"We have adopted a mindset of abundance instead of constraint. We are also very disciplined on how to use our resources," the CEO said.

In July 2024, Aditya Birla Group made its foray into India’s lucrative Rs 6.7 trillion branded jewellery market with the launch of its brand Indriya, backed by a hefty investment of Rs 5,000 crore. However, the Group had initially signaled its entry into the branded jewellery sector in June 2023 through the registered name Novel Jewels. Data from the SaaS-based platform PrivateCircle reveals that Novel Jewels posted a loss of Rs 170.81 lakh for the fiscal year 2023.

Indriya, despite entering a fiercely competitive market dominated by industry giants such as Tata Group’s Tanishq, Reliance Retail’s Reliance Jewels, Kalyan Jewellers, and the up-and-coming Bluestone, is carving out its niche.

Indriya has opened its fourth store in Delhi this month as part of its aggressive expansion strategy. The brand is focusing on penetrating Tier-1 and Tier-2 cities, with a target of capturing 35 percent of the organized jewellery market.

When Indriya marked its first festive season in 2024, it operated eight stores. As the wedding season kicked off, the brand has expanded its footprint to 15 locations nationwide. Kohli noted, "Our next goal is to reach 100 stores by 2026," spotlighting the ambitious growth trajectory ahead.

Amid the growing hype around lab-grown diamonds, Kohli made it clear that Indriya has no intentions of entering that market. "At this moment, our focus remains on offering exceptional designs of natural diamonds with unparalleled quality," he said. "We also provide in-store machines that allow customers to experience the sparkle of the diamond firsthand," Kohli added.

Kohli emphasized, although Indriya is a part of a large conglomerate, "it operates with the mindset of a startup. We are encouraged to accelerate our expansion so that we can achieve our ambition faster than what we had initially announced. At the same time, we are striving to maintain agility in operations."