CaratLane raises $6 Million from Tiger Global Management
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CaratLane raises $6 Million from Tiger Global Management
Chennai: Chennai-based CatatLane, a jewellery e-commerce business, has raised $6 million from New York-based Tiger Global Management. The fund will be used to supplement its business to develop a larger national and international presence of the company. Founded by Srinivasa Gopalan and Mithun Sacheti in 2008, the company is currently increasing its revenue by 300 percent year on year basis and is targeting an annual turnover of $30 million by March, 2012. In January, 2011, Data Quest study rated CaratLane as one of the top 20 e-commerce start-ups in India. Mithun Sacheti, CEO and Co-Founder, CaratLane, said that the e-commerce industry is set to boom in India. The fund raised will be used to strengthen their backend operations and augment their customer base through enhanced reach, owing to a refreshed approach to their marketing and brand-building effort. The average ticket size of transaction of the company is 80,000 with a daily sale of 15 solitaires pricing up to 25 percent lower than the retail chains across the country. With plans to expand to 100 cities by the end of the year, the company has around 200 vendors across the world.