Chennai-based online jewellery store CaratLane has raised $31 million in a Series D round of funding from existing investor Tiger Global, reports Vccircle. Following this round of investment, Tiger Global has become the majority stakeholder in the jewellery store.
CaratLane hasn’t revealed what the funding will be used for. However, an earlier Economic Times report mentions the company will use the funds for technology development and scaling its presence in offline stores. The report also states that the funds were raised through a private placement offer to Tiger Global’s Singapore investment arm, Internet Fund III Pte Holdings according to a filing made on December 3.
Previously, CaratLane had raised $15 million in a Series C funding round from Tiger Global in May 2013. The company had also raised $6 million from the same investor in June 2011 and Rs 30 crore in March 2012. Including the current funding, CaratLane has raised around $58 million till now.
Founded in 2008, CaratLane currently offers various jewellery items like rings, earrings, chains, pendants, necklaces, nose pins and bracelets etc. and gold coins, categorized by weight, design and purity. The platform also offers loose diamonds, and a design your own option for rings, earrings and pendants, which lets users customize the shape, design, metal type and diamond type of various jewellery.
Other than this CaratLane also offers various ‘collections’ based on similar tastes and a gifts section which has categories like ‘romantic gifts’, ‘last minute gifts’, ‘gifts under Rs 15,000’, etc. Additionally, the platform offers users a try at home option for various jewellery which lets users choose up to 5 products that are sent home to try for free. However this option seems to be currently unavailable.
– Ratan Tata had made an undisclosed amount of personal investment in the online jewellery store Bluestone in September last year. The startup had earlier secured $10 million in funding from Kalaari Capital and other existing investors in March last year, in addition to the $5 million it raised from Meena Ganesh, CEO & MD of Pearson Education Services and e-commerce obsessed Venture Capital firm Accel Partners in January 2012.
– Online jewellery store Voylla.com had raised a Rs 2.5 crore angel investment from Snow Leopard Technology Ventures in May 2013. Subsequently in October 2014, the company had announced its plans to open 10 brick and mortar stores across the country by the end of the year.
– Others competitors include Gitanjali Group’s Gitanjalishop.com (opened in partnership with Times Internet’s Indiatimes Shopping), Berlin-based online fashion jewellery company Juvalia & You which launched its Indian operations in June 2012, and several other offline jewellery brands like Tata Group’s Tanishq, Bhima Jewellers, Josco Jewellers and Abharan Jewellers, etc. that also offer their jewellery for sale online.