New Delhi: Caratlane, which sells jewellery online as well as through physical stores, today said it is aiming to garner revenues of Rs 1,500 crore by March 2020. The Chennai-based firm, which has 10 physical stores across seven cities, is looking at ramping up its online and offline presence to boost sales. “By fiscal 2019-20, we are looking at revenues of Rs 1,500 crore. We are witnessing strong traction across both online and offline channels. People today are much more comfortable in buying jewellery online than before and that is helping business grow,” Caratlane co-founder and CEO Mithun Sancheti told PTI.
He, however, declined to comment on the current revenue numbers. Sancheti added that the company is looking at adding 20 more stores in the next 12 months. “We started out as an online retailer in 2009 and then opened brick-and-mortar stores as well. We are an omni-channel player… We are now looking at 20 more stores and the average investment on one store will be about Rs 1 crore,” he said.
Caratlane, which competes with online players like BlueStone and online ventures of other jewellery brands, today launched its ‘Caratlaneapp’ that allows customers to virtually try-on jewellery. The try-on feature takes a video of the user and then uses advanced imaging technologies to generate a 3D view of the customer wearing Caratlane ear-rings, Caratlane SVP (Marketing) Atul Sinha said.
“The product took about two years to develop… While we have started with the ear-rings category, which is the most complicated, we will expand to other products soon,” he added. Asked if CaratLane was looking at raising funds, Sancheti replied in the negative.
“We raised USD 31 million from Tiger Global Management in January this year. We are not looking to raise more funds for now and we are sufficiently funded to carry out these investments,” he added. The company has raised nearly USD 50 million till now.