Exclusive: Caratlane Closes $15 mn Series C FUnding Round Led by Tiger Global

CaratlaneOnline jewellery retailer Caratlane, has closed a $15 million series C round led by Tiger Global, taking the total venture capital investments in the company to $27 mn, according to sources who did not wish to be named. Caratlane has not confirmed this investment yet.

Chennai headquartered Caratlane had raised $6 million from Tiger Global in 2011. The company raised another $6 million from the same investor in 2012.

Caratlane, founded in 2008, competes with the likes of Bluestone and Gerald Ratner’s online store in India. Bluestone had raised $5 mn from Accel Partners & angel investor Meena Ganesh.

The company was co-founded by Mithun Sacheti, a former executive of Jaipur Gems and Srinivasa Gopalan, a technology entrepreneur who founded Lister Technologies.

Caratlane had a target of reaching Rs 150 cr in revenues this year.

This will be one of the largest investments to come in to the $10 billion Indian e-commerce Industry in the last few months. In the first quarter of 2013, Snapdeal had raised $50 million from E-bay and others.

Recent investments in Indian e-commerce

  • Valyoo Technologies, the e-commerce company which runs LensKart, BagsKart, WatchKart and JewelKart had raised $10 million from UTV founder Ronnie Screwvala’s Unilazer Ventures Limited and IDG Ventures.
  • Managed marketplace ShopClues had raised $10 mn from Helion Venture Partners, Nexus Ventures and Netprice.com Chief Executive Officer Teruhide Sato.
  • Gurgaon based HealthKart, which sells consumer healthcare goods online raised $14 million in series B funding from Intel Capital and Sequoia Capital.

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Indian Startup Funding Report : Q1 2013

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