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CaratLane Raises $15M Series C Funding From Tiger Global: Sources

Caratlane-logoCaratLane Trading Pvt Ltd, which runs an online diamond jewellery portal CaratLane.com, has raised 15 million in Series C funding round from Tiger Global, MediaNama and other sites, including India Digital Review and NextBigWhat were informed by sources (perhaps the same source).

The documents we received indicate two rounds of funding, wherein the company raised Rs 27.31 crore from Tiger Global in February 2011, and Rs 30 Crore in March 2012. We’re trying to confirm the third round of funding, believed to be $15 million, which, if true, brings the total amount of funds raised by CaratLane to around $27 million.

Founded in 2008, CaratLane offers diamond jewellery such as rings, pendants, earrings, bangles and bracelets, chains and necklaces, among others. It also offers Gold coins by weight, purity and collection. It also allows users to gift jewellery and offers recommendations based on relationship and celebrity curation. 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 jewellery sold by the company is manufactured by Jaipur Gems.

The company had also launched a physical Solitaire experience lounge in New Delhi, Hyderabad, and Chennai. The company claims that it plans to launch its physical store in Mumbai as well.

Competition

Jewellery company Gitanjali Group had partnered with Times Internet’s Indiatimes Shopping to launch an online jewellery shop Gitanjalishop.com in December 2012. Online jewellery store, Voylla.com had raised Rs 2.5 crore angel investment from Snow Leopard Technology Ventures.

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There are also other international online jewellery stores that have launched their operations in India including Rocket Internet-backed 21Diamonds.in which had launched its operations in June 2012 and Berlin-based online fashion jewellery company Juvalia & You which launched its Indian operations in June 2012.  Apart from these online stores, there also several offline jewellery brands like Tata Group’s TanishqBhima JewellersJosco Jewellers and Abharan Jewellers, among others that also offer their jewellery for sale online.

Yebhi.com had also acquired a fashion jewellery eStore Stylishyou.in in May 2012 and had integrated all products available on stylishyou.in within its catalog. As part of the acquisition, Founder Shraddha Dadani had joined Yebhi as its Head of Jewelry.

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