Titan, a TATA subsidiary and the owner of Indian jewelry chain, Tanishq, has invested in Mumbai based jewelry brand, Caratlane and acquired majority stake. The news was confirmed by a filing made by Titan recently. The process is set to be over by the end of this quarter.
The latest step will help Titan to establish itself in the online segment for jewelry, the sector which generated over 80% of its revenue in 2015.
Talking on the development, Bhaskar Bhat, MD – Titan said that the investment comes at a great time for Titan and it will help them explore bigger opportunities in the eCommerce sector with a well established brand, their fan base and customers.
Founded in 2008 by Mithun Sacheti and Srinivasa Gopalan, Caratlane aimed to provide beautiful and affordable jewelry in the beginning where it had thousands of vendors on a marketplace model. However, with time, it adapted to the single vendor strategy and started offline stores. Currently, it has 12 offline stores.
Prior to this round, Caratlane has raised $51 Million from Tiger Global.