CaratLane has 13 physical stores and has plans for more
Titan Co., the Indian jewelry conglomerate that owns the Tanishq jewelry chain, has acquired a majority stake in Indian e-tailer CaratLane Trading.
CaratLane sells jewelry online as Caratlane.com and has 13 physical stores. In a statement, Titan said the company plans to ramp up its retail presence.
Titan’s exact stake and CaratLane’s valuation are still under discussion, a statement said. The acquisition is expected to be completed by June.
Since its founding in 2007, CaratLane has raised $51 million in three funding rounds, according to CrunchBase.
In an interview with CNBC, company chief financial officer Subbu Subramaniam admitted CaratLane was still running a loss but said that “we all know that e-commerce as such is growing significantly in India, and jewelry is not going to be an exception.”
Follow JCK on Instagram: @jckmagazine
Follow JCK on Twitter: @jckmagazine
Follow JCK on Facebook: @jckmagazine
