New York based Hedge Fund- Tiger Global has invested $ 6 million in CaratLane Trading Pvt Ltd, which runs an online diamond jewellery portal CaratLane.com, reports VCCircle. Another portal that operates in this space is JohareezWholesale.
This is Tiger Global’s fourth investement in this year, all of which are ecommerce portals: Myntra, Flipkart, LetsBuy and BabyOye. Earlier this year, another ecommerce venture – Indiaplaza had raised $ 5 million from IndoUS Venture Partners.
As per the report, CaratLane is targeting annual revenue of $30 million by March 2012 and claims a growth rate 0f 300% YoY in terms of revenue. CaratLane claims to offer over 1,00,000 diamond jewellery broadly categorized as:
– Bridal– The section includes wedding bands, matching wedding sets, engagement rings and groom rings. Customers can filter their search results based on price and colour of the jewellery.
– Jewellery– This section is divided into Rings- men’s rings, casual rings, solitaire rings and celebration rings, Bangles, Pendants and Earrings.
– Gifts– This is a separate section which includes rings, pendants and other jewellery across sub-categories like Religious, Birthstone, Budget and others.
The company also allows customers to design their own jewellery like pendant, rings and earrings. It also sells loose diamonds in various shapes and sizes in a price range of Rs 16,463 to Rs 8,34,88,590. The company also provides diamond buying guide and jewellery buying guide. Apart from diamonds, CaratLane also offers Gold Coins. The jewellery sold by the company is manufactured by Jaipur Gems.