CHENNAI: Diamond jewellery portal CaratLane received an investment of $6 million from Tiger Global, a New York-based investment management firm. The stone retailer earned revenues of Rs 50 crore in the last financial year with solitaires accounting for 80% of its business.
"Solitaires is one of our fast-moving categories. This is because the inventory cost of holding such stones is 10-25 % lower than in retail stores and we are able to pass on the benefits to customers," says CEO Mithun Sacheti.
The fund proceeds would be utilised for strengthening the company's backend operations and also augmenting its customer base. CaratLane has units in Chennai and Mumbai, which are able to execute 100 orders a day. "We are looking to increase this to 500 orders a day," says Sacheti. CaratLane would also be utilising the money to introduce a gold jewellery line in six months.
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