Titan Company, which owns the Tanishq, India’s largest jewellery brand, has increased its stake in Chennai-based online jewellery retailer CaratLane to 69.47 percent by acquiring slightly more than 3 million more shares for ₹99.99 crore ($14.45 million).
CaratLane was founded in 2008 by IT professional Srinivas Gopalan and Mithun Sacheti, scion of a Jaipur gem and jewellery family. It sold affordable, everyday-wear jewellery. In 2015, it raised $31 million in investment from the Tiger Global investment group.
CaratLane later embarked on an omni-channel strategy, opening brick-and-mortar stores.
Titan, which is part of the giant Tata industrial group, acquired a 62 percent stake in CaratLane in 2016 for ₹357.24 crore ($51.63 million at today’s exchange rates), in what is seen as a move to rapidly increase’s Titan’s online jewellery retail footprint. Interstingly, the next year, Titan ramped up CaratLane’s omni-channel strategy by announcing a further expansion in its brick-and-mortar presence. In February this year, CaratLane announced a plan to increase its physical store presence across the large Indian metro cities.
Titan has been consistently showing strong growth and is set to continue growing for the next few years.