Chennai-based Carat Lane Trading Pvt. Ltd. which owns and operates online jewellery portal Caratlane.com has raised INR 185 Cr. in Series D round of funding from its existing investor Tiger Global.
With this investment, now Tiger Global holds a majority stake in the etailer. The funds were raised through a private placement offer to Tiger Global’s Singapore investment arm, Internet Fund III Pte Holdings, according to the filing made on December 3, says ET.
The company plans to deploy the funds for going deeper into the market with the flush of new funds. “Investment on technology and scaling up presence of offline stores will be top priority for the company,” said a person directly involved in the deal.
Caratlane was founded in 2008, by Srinivasa Gopalan, who was the founder and CEO of Lister Technologies and Mithun Sacheti, scion of Jaipur Gems.
The company had raised its Series C round worth around $10 million from Tiger Global in 2012. Previously, Caratlane had raised another $10-12 Mn in its first two institutional round of funding 2011 and 2012.
Bluestone.com is yet another player dealing in this space and is backed by Accel Partners, Kalaari Capital and Saama Capital. Last year, Ratan Tata had also invested in the company.