CaratLane, a Chennai-based online diamond and jewellery portal, has raised $6 million from New York-based hedge fund Tiger Global.
“This investment represents a strategic intent by CaratLane to expand and consolidate its position as a leader in the online diamond jewellery space, where it already enjoys a strong position through successive 300 per cent revenue growth year on year and strong consumer support,” said Mithun Sacheti, CEO of CaratLane.
In the last fiscal, the company clocked a revenue of around Rs 50 crore. CaratLane is expected to touch an annualised run rate of $30 million by March 2012, he said.
CaratLane will use this investment to develop a larger national and international footprint by setting up delivery centres in major markets and also on brand-building and marketing.
"E-commerce industry is set to boom in India. CaratLane has changed the way diamonds are bought in India and has educated people by demystifying the online shopping process,” he said.
CaratLane on average has been selling 15 solitaires a day and shipped diamonds to 50 cities in India. The company has around 200 vendors across the world.