New Delhi: Carat Lane has recently received Rs 185 crore in funding from US based Tiger Global, says an Economic Times report. According to the report the company has disclosed this development in a filing to corporate affairs ministry.
The funds were raised through Internet Fund III Pte Holding, Tiger Global's Singapore investment arm, says the report. Tiger Global has already invested $27 million before current round of funding.
The online Jewellery firm is likely to use this fund in technology and expanding presence of offline stores. The company claims that its business model helps consumers saving more than 25% of retail prices.
In an effort to establish trust among consumers the online jeweller offers home trials of jewellery items in about 20 cities. It has also set up offline stores in Bengaluru, Chennai, Hyderabad and Delhi.
"At the same time, smaller towns and city customers, too, want the same contemporary designs but they do not even have access, so the online market for the business is huge," ET quoted Krishnan Ganesh, promoter of another online jeweller BlueStone.