Titan invests in Carat Lane
Titan has acquired a majority stake in Chennai-based shopping store Carat Lane for an undisclosed amount, subject to due diligence. This would also be an exit for Tiger Global, which has invested several rounds of funding into Carat Lane..Titan, in an announcement to the exchanges said that it has acquired Carat Lane, which is involved in the business of designing, manufacturing, trading and retailing of gems and jewellery and the financial details will be furnished once the due diligence is completed.
"The exact stake that Titan Company will take in Carat Lane and the valuation are currently under discussion and details will be shared on signing of definitive documents," said Titan. The transaction is expected to be consummated by the middle of June 2016. "This is an acquisition of a leading brand in the online jewellery industry catering to a different segment of customers with significant internal capabilities in design, manufacturing technology and e-commerce, Synergies with the jewellery business of the company is very high," it added.
Bhaskar Bhat, managing director of Titan said, "For Titan, the acquisition brings significant capabilities in the e-commerce space along with a brand, a customer segment and a business model that are very exciting. "This is a dream come true for me. Coming from a family of jewelers, I have been looking at working with Titan.," said Mithun Sacheti, founder and CEO of Carat Lane.