Titan cuts a major stake in CaratLane – India’s largest jewelry e-tailer
Bengaluru | Red Newswire | May 09 5:00 PM IST.
Tata’s watch and jewelry firm, Titan Co Ltd has brought a majority stake in country’s largest jewelry e-tailer CaratLane.com, thereby adding another eCommerce portal in its line. However, the company refused to disclose the deal value and said that a final agreement between the two companies is yet to be made.
Apart from CaratLane, another startup operating in the field is Bluestone. CaratLane is backed by Tiger Global who has invested over $50 million in the eCommerce platform. In 2014 itself Tiger Global had invested $117 million in CaratLane in its Series D funding. Before this, Tiger Global invested $10 million in Series C funding held in 2012.
CaratLane was established by Srinivasa Gopalan and Mithun Sacheti in 2008. Gopalan had previously founded Lister Technologies. CaratLane now deals with all kinds of jewelry. The company now also has offline stores. It is said to have generated a revenue of Rs. 98 crore in 2014.