Chennai-based CaratLane.com, a jewellery ecommerce portal, has raised a funding of $6 million from New York-based hedge fund Tiger Global. CaratLane will use this investment to supplement its business to develop a larger national and international footprint for itself. The company is also is expected to touch annual revenue of $30 million by March 2012.

"Ecommerce industry is set to boom in India, and we were among the few to have foreseen the market and started CaratLane in the year 2008. CaratLane since then has changed the way diamonds are bought in India and has educated people by demystifying the online shopping process.  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,” Mithun Sacheti, CEO, CaratLane has said.

CaratLane has been rated as one of the Top 20 ecommerce start-ups in India by a Data Quest Study in January 2011. The website, on an average, claims to be selling 15 solitaires a day and shipping diamonds to 50 cities in across India with an average ticket size of Rs.80,000.