Caratlane expects 62 percent jump in revenue, eyes profitability next fiscal

Titan Limited owned online jewellery retailer Caratlane is expecting surge in sales revenue this fiscal eyeing Rs 300 crore (approx $47.2 million) turnover as it looks to turn profitable in the financial year 2019.
 
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CaratLane, which was founded in 2008 as an e-commerce jewellery store got a major boost after Tata group-firm Titan Limited picked up a significant stake in the company last year. The acquisition for Rs 358 crore (approx $55.7 million) is one the main reason for the surge in sales revenue as it helped Caratlane expand its base across India.
 
With the backing of Titan, CaratLane successfully made the transition from an online only firm to omni channel platform witnessing solid growth with offline sales contributing more than online sales. Caratlane gets around 55 percent of its revenue from its offline stores while the remaining 45 percent comes from online sales.
 
 “We have achieved operational profitability some years back. But, we are still in investment mode. We hope to be EBITDA positive in another two years’ time,” Atul Sinha, Senior Vice-President, Marketing and Retail Sales, CaratLane told BusinessLine.
 
“In terms of turnover, we are eyeing Rs 300 crore (approx $47.2 million) for this fiscal (FY-18); a 62 per cent jump over the Rs185 crore (approx $29.1 million) reported in FY-17. By FY-19, CaratLane should be Rs 500 crore (approx $78.5 million) business (in terms of turnover) with a stronger omni-channel presence (both brick and mortar stores and e-tailing),” Sinha added.
 
Caratlane currently has 32 physical outlets across the country and by March 2018 plans to set up 8 more stores across places like Delhi, Hyderabad, Patna, Ranchi and Indore.

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