CaratLane.com plans Rs 60 crore investment

CaratLane.com intends to expand in its marketing and branding initiatives and also open new stores, reports say. The company originally was an online jewellery retailer, and further launched brick and mortar stores.

For its expansion plans, the company is looking at a Rs 60 crore investment in the next one year. It would dedicate Rs 20 crore towards new stores, with plans to open 20 outlets within the next 12 months and would spend the remaining funds on marketing and branding. Around 10-12 outlets are expected to be launched in metro cities and others in cities including Ahmedabad, Coimbatore and Bhubaneswar, as per reports.

In its marketing and branding initiatives, the company is placing its investment focus on print, television and radio media, reports say.

The company is not considering raising funds currently for the investments as it noted it has sufficient funds. In January this year, the company secured funding worth $31 million from Tiger Global Management, reports add.