CaratLane
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Type of site | Subsidiary |
|---|---|
| Headquarters | Chennai, Tamil Nadu, India |
| Owner | Titan Company |
| Founder(s) | Mithun Sacheti, Srinivasa Gopalan |
| CEO | saumen bhaumik |
| Key people | (Co-Founders) Avnish Anand, Gurukeerthi G[1] |
| Industry | e-Commerce |
| Revenue | 33 billion till August 2024.* |
| Employees | 1000+ |
| Parent | Titan Company Limited |
| Divisions | Jewellery |
| URL | www |
| Launched | 2008 |
CaratLane is an Indian physical and online jewelry retailer, headquartered in Chennai, India.[2]
History
[edit]The company was founded by Mithun Sacheti, and Srinivasa Gopalan, in 2008. As of July 2024, the company is a subsidiary of Titan Jewellery, and fully owned by Titan Company Limited .[3][4] As of August 2024, the retailer had 275+ stores across 100+ cities in India.[5] [6][7]
The company started off as an online retailer before opening physical stores, with its first store opening in Chennai.[8]
Funding
[edit]CaratLane has raised four rounds of capital, Series A through Series D, with the most recent round being led by Tiger Global, a US-based Hedge fund.[9] In its fourth round of fundraising (in 2015) CaratLane received ₹192 crore (US$23 million) from Tiger Global making the sum total invested by the Hedge Fund approximately ₹318.31 crore (US$38 million).[10][11][12][13]
In July 2016, Titan purchased a 62% stake in CaratLane for ₹357.24 crore (US$43 million).[3]
Titan increased its stake in CaratLane to 98.28% by acquiring an additional 27.18% share for ₹4,621 crore.
Titan to acquire balance 0.36% stake in CaratLane for Rs 60 crore in Feb.2024.
CaratLane taking Big Steps Under Titan Company Limited
[edit]CaratLane, an unlisted entity, has a business presence in India and the United States. The company's turnover in fiscal year 2022-23 stood at Rs 2,177 crore. This was higher as compared to Rs 1,267 crore in FY22 and Rs 723 crore in FY21.
CaratLane crosses Rs 3,000 Cr revenue in FY24; remains profitable Titan-owned CaratLane has continued its growth trajectory as its revenue grew 42% in the fiscal year ending March 2024. The company’s profit dipped marginally due to aggressive expansion, though.
CaratLane’s revenue from operations grew to Rs 3,081 crore in FY24 from Rs 2,169 crore in FY23, its consolidated annual statements sourced from the Registrar of Companies (RoC) show.
CaratLane Cofounder Avnish Anand Leaving E-tailer
[edit]September 06, 2024
Avnish Anand, the cofounder and CEO of CaratLane, is leaving the Indian jewelry e-tailer after 13 years, he announced on LinkedIn.
Anand had been the site’s CEO since August 2023, when cofounder Mithun Sacheti sold his stake in the business to Titan Company. In June, Titan announced that Saumen Bhaumik, head of Titan’s eye care division, would be taking over as CaratLane managing director.
On LinkedIn, Anand said he hoped “to reprioritize things in life.… building a business takes a lot of sacrifice and puts work life balance on the back burner. Given how everything turned out, it was totally worth it…. But things change in life and so do our priorities. Going forward, I am aiming for a lot more balance.”
He added: “There are lots of things that I have always wanted to do. I want to start now and not leave it for when it’s already too late.” He said he had no specific plans but expects to remain in the “startup ecosystem” and “help build more CaratLanes.”
References
[edit]- ^ "Now, Avnish Anand, Gurukeerthi G are CaratLane's co-founders". brandequity.economictimes.indiatimes.com. Retrieved 8 November 2016.
- ^ Kumar, Surya Praphulla (9 March 2018). "Inside CaratLane". The Hindu. Retrieved 11 August 2018.
- ^ a b "Titan to acquire 62 per cent stake in Carat Lane for Rs 357.24 crore". economictimes.indiatimes.com. Retrieved 20 July 2016.
- ^ "Tiger Global Invests $6 M In Diamond Jewellery Portal CaratLane". VCCircle. Retrieved 8 April 2015.
- ^ "Our Story". www.caratlane.com. Retrieved 12 July 2020.
- ^ "Carat Lane Gets PE Funding". The Hindu. 4 July 2011. Retrieved 28 April 2015.
- ^ "Making a mark with online solitaires - The Financial Express". The Financial Express. 27 May 2015. Archived from the original on 21 August 2015. Retrieved 20 July 2016.
- ^ "I wanted people to discover jewellery: CaratLane's Mithun Sacheti". Mint. 7 August 2015. Retrieved 30 September 2015.
- ^ "Tiger Global Invests $6M In Diamond Jewellery Portal CaratLane". VCCircle. 22 June 2011. Retrieved 8 April 2015.
- ^ "Tiger Global Invests $6M in Diamond Jewellery Portal CaratLane". VCCircle. 22 June 2011. Retrieved 8 April 2015.
- ^ "CaratLane Raises $31 M in Funding From Tiger Global". Medianama.com. Retrieved 8 April 2015.
- ^ "CaratLane Raises $31 Million". Business Standard. 26 January 2015. Retrieved 8 April 2015.
- ^ "Caratlane targets Rs. 1,500 cr sales". The Hindu. 20 September 2014. ISSN 0971-751X. Retrieved 20 July 2016.
Additional notes
[edit]- On 20 August 2015, CaratLane launched an app that uses facial recognition and 3D imaging technology to allow customers virtually try on the earrings available on their site. This app can be downloaded on to any smart device.[1][2][3]
- In 2011, Dataquest, Sapient Nitro and JuxtConsult conducted a study to identify the most popular e-commerce sites in India and CaratLane was in the top 20. It was also identified as the best in terms of usability and user interface design.[4][5]
External links
[edit]
  | This article about an Indian company is a stub. You can help Wikipedia by expanding it. |
- ^ "Caratlane launches virtual jewellery try-on app". Business Standard. 20 August 2015. Retrieved 2 September 2015.
- ^ Roy, Anirban (24 August 2015). "Now Try Your Jewelleries on Your Smartphone Before Buying Them, Here's How". International Business Times. Retrieved 2 September 2015.
- ^ "CaratLane to offer 3-D shopping experience". The Hindu. 12 June 2015. ISSN 0971-751X. Retrieved 20 July 2016.
- ^ "India's 20 hottest e-commerce startups". www.rediff.com. Retrieved 25 May 2015.
- ^ "Specialised Online Stores Hottest e-Commerce Start-Ups: Survey". Nerve.in. Retrieved 8 April 2015.