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Titan to acquire online jewellery store CaratLane

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Titan will acquire the Chennai-based online jewellery store CaratLane, the company informed the BSE. The acquisition will be an all cash deal, and is expected to be completed by mid June this year. Titan is expected to acquire a majority stake in CaratLane, although the exact number of shares are yet to be finalized. The amount being paid for the acquisition has not been disclosed, but it’s worth keeping in mind that CaratLane raised around $58 million in all: much of it from Tiger Global.

Tiger Global’s investments in CaratLane

  • $31 million in January 2016, following which Tiger Global became the majority stakeholder.
  • $15 million in a Series C funding round from Tiger Global in May 2013.
  • $6 million from the same investor in June 2011 and Rs 30 crore in March 2012.

Fit with Titan

Titan launched its own ecommerce store Titan.co.in back in 2013, with similar product offerings: jewelry, watches, eyewear and accessories like sunglasses, backpacks, wallets, bags and belts among others from its in-house brands like Tanishq, Sonata etc. Founded in 2008, CaratLane currently offers its own brand of products: 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 jewelry.

Also read: Titan’s Juxt smartwatch isn’t very smart

Tiger Global’s exits in India:

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– In February this year, OYO Rooms bought out its rival Zo Rooms. In August last year, Zo Rooms raised $30 million from existing investors Tiger Global Management and Orios Venture Partners.

– In January, Quikr acquired CommonFloor. The company had raised $30 million from Tiger Global in September 2014 and Rs 64 crore from Tiger Global and Accel India in January the same year.

– In May last year, Tiger Global sold a further 5.37% stake in directory services company JustDial for Rs 408 crore (about $64 million) through open market transactions. At the time, Tiger Global had 3.81% stake left in the company. It had sold 2.1% stake in the company for Rs 162 crore, and had shed 3.4% stake for Rs 300 crore in March last year.

– In February 2015, Mahindra Partners acquired Babyoye. Babyoye had raised $12 million in funding from Helion Venture Partners, Accel Partners and Tiger Global. The same month, Snapdeal acquired online luxury fashion store Exclusively, which had raised $16 million in a Series-B funding round led by Tiger Global Management.

– Tiger Global had also invested in Myntra, which Flipkart acquired in May 2014.

– Tiger Global also backed LetsBuy back in 2011, which was acquired by Flipkart in 2012.

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Competition:

– 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, in addition to the $5 million it raised in January 2012.

– Online jewellery store Voylla.com had raised $15 million from Peepul Capital in October last year. 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.

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