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Jewellery site Caratlane.com raises $31 mn from Tiger Global

Caratlane Trading led online jewellery
portal Caratlane.com has raised Rs 185 Cr from its existing investor Tiger Global
Management.  The funding will be used to
enhance its existing technologies and scale up its offline stores.

Caratlane Trading led online jewellery
portal Caratlane.com has raised Rs 185 Cr from its existing investor Tiger Global
Management.  The funding will be used to
enhance its existing technologies and scale up its offline stores.

Carartlane raised the funds through a
private placement to Tiger Global’s Singapore arm, Internet Fund III Pte
Holdings. The investment firm now owns a majority stake in the e-tailer,
reports VCCircle.

Tiger Global came in as an investor in 2011
infusing $6 Mn in 2011. It infused additional $6 Mn in 2012 followed by a $15
Mn investment in 2013.

The portal offers diamond jewellery such as
rings, pendants, earrings, bangles and bracelets, chains and necklaces.

The startup founded by Srinivasa Gopalan
and Mithun Sacheti expects to close this fiscal with a top-line of R350 Cr and
is targeting R1500 Cr by 2019 and runs offline showrooms in Bengaluru, Chennai,
Delhi and Hyderabad.

Another significant player in the space is
Bluestone.com which had last year raised fresh money from Accel Partners,
Kalaari Capital and Saama Capital besides a separate funding from former Tata
Group chief Ratan Tata.

 

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