iWorld
Loco elevates Firasat Durrani, Chetan Dhembre to co-founders
Mumbai: Esports and live game streaming platform Loco on Thursday announced the elevation of Firasat Durrani, currently VP of operations, and Chetan Dhembre, currently CTO, to co-founders of the company. By bolstering its core leadership, Loco is aiming to consolidate its position in the gaming ecosystem and provide the Indian gaming community with cutting-edge products and services.
Durrani, who joined Loco in 2020 when it launched its live streaming platform, has been leading Loco’s content supply and operations functions, from creator and content acquisition to publisher partnerships. Meanwhile, Dhembre, who came on board in 2018, has built Loco’s best-in-class engineering team, which has designed and delivered a product for Loco’s users.
Durrani said, “New beginnings are always exciting, and I am elated and honoured to step into this new role as co-founder at Loco. Loco has come a long way in the last two years, from humble beginnings to becoming the world’s leading independent esports and live streaming platform today. Having witnessed this incredible transition firsthand, I am confident that our amazing team will continue to be trailblazers as we move forward, leading and pushing the boundaries of gaming entertainment. With many exciting new developments in the pipeline, I look forward to what 2023 has in store for us.”
Dhembre said, “Having been part of Loco for over half a decade, I am honoured to be named the co-founder. I am proud of what we have achieved so far and am excited for the future. Loco has grown exponentially from its humble beginnings to becoming one of the most sought-after tech companies in the esports and live streaming spaces. Looking ahead, we plan to introduce cutting-edge technology and even more features on the platform for an effortless and unified user experience. With one of the most talented product and technology teams in the country, we are well-equipped to tackle any challenges that come our way.”
Loco founders Anirudh Pandita and Ashwin Suresh said, “We are delighted to welcome Firasat and Chetan as co-founders of Loco. With their wealth of knowledge, expertise, and extensive experience in their respective fields, 2023 will be an exciting time for the company. Their continued contribution has been integral to Loco’s growth. We are confident that in their new roles, they will be instrumental in taking Loco to the pinnacle of the esports and gaming streaming entertainment industries worldwide. These appointments demonstrate Loco’s commitment to investing in and strengthening its leadership team and provide a promising foundation for its journey ahead.”
Gaming
Bluestone FY26 revenue rises to Rs 2,436 crore, turns profitable
Q4 profit at Rs 31 crore, full-year profit at Rs 13 crore vs loss last year.
MUMBAI: From sparkle to numbers, Bluestone seems to be polishing more than just jewellery this year. Bluestone Jewellery and Lifestyle Limited reported a sharp turnaround in FY26, with revenue from operations rising to Rs 2,436 crore (Rs 24,364 million), up from Rs 1,770 crore (Rs 17,700 million) in FY25. The company posted a full-year profit of Rs 13 crore (Rs 131.79 million), a significant recovery from a loss of Rs 222 crore (Rs 2,218 million) a year ago.
Total income for the year stood at Rs 2,486 crore (Rs 24,860 million), compared to Rs 1,830 crore (Rs 18,300 million) in the previous year, reflecting both topline growth and improved operational momentum.
The March quarter, however, told a more nuanced story. Revenue from operations came in at Rs 681 crore (Rs 6,814 million), down from Rs 748 crore (Rs 7,486 million) in the year-ago period, though higher than Rs 461 crore (Rs 4,613 million) in the preceding December quarter. Net profit for Q4 stood at Rs 31 crore (Rs 311.81 million), compared to Rs 68 crore (Rs 688 million) a year earlier, but a clear reversal from a loss of Rs 51 crore (Rs 512 million) in Q3.
Margins were shaped by higher input costs, with raw material consumption rising to Rs 2,204 crore (Rs 22,043 million) for the full year, alongside employee benefit expenses of Rs 282 crore (Rs 2,824 million) and finance costs of Rs 210 crore (Rs 2,104 million). Other expenses came in at Rs 371 crore (Rs 3,715 million), slightly lower than Rs 393 crore (Rs 3,938 million) in FY25.
On the balance sheet front, total assets expanded to Rs 4,961 crore (Rs 49,610 million) as of March 31, 2026, from Rs 3,532 crore (Rs 35,322 million) a year earlier, driven largely by a surge in inventories to Rs 2,672 crore (Rs 26,718 million). Equity also strengthened to Rs 1,803 crore (Rs 18,030 million), nearly doubling from Rs 911 crore (Rs 9,107 million).
Cash flows reflected the cost of growth. Net cash used in operating activities stood at Rs 199 crore (Rs 1,990 million), while investing activities saw an outflow of Rs 239 crore (Rs 2,392 million). Financing activities, however, generated Rs 497 crore (Rs 4,971 million), helping the company end the year with cash and cash equivalents of Rs 108 crore (Rs 1,075 million), up from Rs 49 crore (Rs 487 million).
Earnings per share for FY26 came in at Rs 1.10, a sharp improvement from a negative Rs 79.74 in FY25, underlining the shift from losses to profitability.
With revenue scaling up, costs still glittering on the higher side, and profitability finally back in the black, BlueStone’s FY26 performance suggests a business mid-transition less about shine alone, and more about sustaining it.
