Tata Group company Titan is in talks to buy 15 percent stake in Chennai-based online jewellery portal, Caratlane for a deal amount of $30 million. As per an ET report, the deal is likely to be signed in a few weeks which will make CaratLane valuation at around INR 1,200 crore. With this investment in CaratLane, Titan plans to access CaratLane’s customer base and hold a significant online presence also, diluting the exiting investors’ stakes.
Last month, the company had raised USD 31 million in series D round from existing investor Tiger Global.
The company was founded in 2008 by Srinivasa Gopalan and Mithun Sacheti, Caratlane deals in gold, silver and diamond jewellery. Previously, the firm received $15 million in series C and $6 million in series A. Including this round, Caratlane had secured a total capital of $52 million. In 2014, the company earned a total income of INR 98 crore.
The other players in the same space include Bengaluru-based Bluestone, which raised funding from Accel Partners, Kalaari and Saama Capital as well as a separate recent funding from Tata Sons’ chairman Ratan Tata.