Investments, News

Caratlane closes $ 15 million in Series C funding

Online jewellery e-retailer Caratlane, had raised $15 million in third round of funding from Tiger Global as reported by nextbigwhat. With this, total funds raised by Caratlane had reached $27 million.

Though on contacting Caratlane, company officials had declined commenting over the funding. Caratlane works with a 4000 global vendors offering large collection of diamonds & diamond jewellery including rings, pendants, earrings, necklaces, etc and is shipping across 150 cities across the country. The website also provides a gifting facility along with a Try-at-home feature, which allows users to choose upto 5 products from the Try-At-Home catalog, which are delivered to the user to choose before they buy.

It was launched in 2008, by Jaipur Gems former executive Mithun Sacheti and IT entrepreneur Srinivasa Gopalan in 2008. Since then it had raised $6 million in 2011 and then again $6 million in 2012 by same investor Tiger Global.

The company had clocked revenues of approx INR 50 crores in 2011 and are targeting Rs.150 crores for FY13. Last year it had also launched a Solitaire Experience Lounge in Delhi to provide experience of online shopping in the retail environment.

It competes with other jewellery portals like, 21Diamonds, Bluestone, Gitanjali, etc. Recently, another jewellery and accessories portal had also raised INR 2.5 crores from Pune-based Snow Leopard Technology Ventures.

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