Online jewellery portal Caratlane.com has received a fresh round of funding. The amount of US$ 31 million has been given through a private placement to existing investor Tiger Global’s Singapore arm, Internet Fund III Pte Holdings, according to reports. The investment will go to Carat Lane Trading.

Tiger Global has already invested over US$ 10 mn in three earlier rounds of funding to the jewellery e-tailer.  The investor has reportedly also placed funds in other internet startups including Quikr, Hike and others.

Caratlane was set up by Srinivasa Gopalan (an IT entrepreneur) and Mithun Sacheti of Jaipur Gems, a traditional jewellery retailer with stores in Mumbai, Chennai and Coimbatore.

Reportedly, the funds will help in upgrading technology and increasing the number of offline stores from the current showrooms in Bengaluru, Chennai, Delhi and Hyderabad.

Caratlane is said to have had total income of Rs 98 crore during 2013-14, with Rs a 37 crore net loss. This was a 22% increase in income and a near doubling of losses during the year.