Tiger Global invests $6 m in CaratLane

PTI New Delhi | Updated on March 12, 2018 Published on June 22, 2011

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

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.