Companies

Tiger Global invests $6 m in CaratLane

PTI New Delhi | Updated on March 12, 2018

CaratLane, online diamond jewellery firm, on Wednesday said it has received an investment of $6 million (about Rs 27 crore) from the US-based hedge fund Tiger Global.

The company said that the funds would be used to supplement its business to develop a larger national and international footprint for itself.

“This inflow of funds will be employed for strengthening our back-end and in augmenting our customer base through enhanced reach owing to a refreshed approach to our marketing and brand building effort,” CaratLane CEO Mr Mithun Sacheti said in a statement.

CaratLane, which has started its operation in 2008, is expected to touch an annualised run rate of $30 million by March 2012.

There is a lot of euphoria in e-commerce right now and the industry in India is expected to grow by 47 per cent to reach Rs 46,000 crore in 2011, according to a report published by Internet and Mobile Association of India (IMAI).

Last week, Bangalore-based e-commerce website FlipKart said it had received an investment of $20 million from Tiger Global.

Published on June 22, 2011

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

null
This article is closed for comments.
Please Email the Editor