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

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