Mithun Sacheti, who is the founder of CaratLane, has sold a 27.18 percent stake in CaratLane. After the Caratlane and Titan deal, the valuation of the company reached Rs 17000 crores.
This is the second most significant existence of a founder after Sachin Bansal, founder of Flipkart. After the deal, Titan now holds a 98.28 percent stake in CaratLane. Sacheti sold his stake 27.18 percent stake in CaratLane for a whopping Rs 4621 crore.
Who is Mithun Sacheti?
Mithun Sacheti was born on January 26, 1978, in Mumbai. He is the co-founder of a Chennai-based company, Caratlane. Sacheti did his bachelor’s in Commerce from Sydenham College of Commerce and Economics, Mumbai.
Later he did his masters from the prestigious Indian Institute of Management, Bangalore. After that Mithun Sacheti went to the United States of America, to enroll and get certified as a gemologist from the Gemological Institute of America, California (GIA). Forbes has also recognized Mithun Sacheti as one of the youngest entrepreneurs under 40.
Mithun Sacheti Family
Mithun, Padam Sacheti, and Manju Sacheti are the founders of Jaipur Gems. Mithun is married to Anjali Rawat Sacheti, and together, the couple has two children named Raghav Sacheti and Mira Sacheti.
Mithun belongs to a wealthy family. His parents started Jaipur Gems in Mumbai in 1974. His father, Padam Sacheti, set up his first store, “Jaipur Gems,” in a rented industrial compound in Glaxo Worli.
As per the official website of Jaipur Gems, Mr. Padam Sacheti grew his business with immense dedication and hard work. Mithun’s mother, Manju Sacheti, equally supported his father in making a living by designing and manufacturing fine jewelry for Mumbai’s elite.
Mithun Sacheti Career
Mithun co-founded CaratLane with Srinivasa Gopalan in 2008 after completing his education. Coming from a traditional family jewelry business, he understood that he needed to take a different approach in order to attract more clients than his family’s small clientele.
As a result, he decided to try his luck online, where he might potentially reach a larger audience. CaratLane was thus created. The business initially had trouble gaining traction, but Sacheti’s perseverance and faith in the potential of e-commerce paid off.
He added Titan as a shareholder in 2016, giving CaratLane a valuation of Rs 536 crore. The company’s valuation increased to Rs 17,000 crore over the ensuing seven years as a result of its effective omnichannel retail strategy.
CaratLane offers a wide range of jewelry, including rings, earrings, necklaces, and more, and it has gained popularity for its online platform, which allows customers to purchase jewelry conveniently.
Mithun Sacheti Net Worth
After the takeover, the net worth of CaratLane will be over $2 billion, or over Rs 17,000 crore. After the deal, the ownership of Titan’s stake in the company will rise from 71.09% to 98.28% upon closing.
Titan is purchasing 91.90 lakh CaratLane equity shares, increasing its ownership stake in the company to 98.28%. The two parties were at a deadlock about how Sacheti’s ownership stake in the company should be valued. Now Sacheti himself is close to becoming a billionaire, The total net worth of Cartlane founder is around $2 billion approx in 2023.
CaratLane Acquisition by Titan
Mithun Sacheti’s CaratLane will receive a 27.18 percent investment from Titan, the watch and jewelry-selling division of the Tata Group. Titan Watches Limited is a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), which began business in 1987.
It was the year 1994 when Titan expanded into the jewelry and then eyewear sectors. Titan has also developed lifestyle brands for a variety of goods, such as TANEIRA, accessories, and fragrances (SKINN). The business has been both organically and inorganically bullish on the wearables market.
Titan anticipates that the transaction will close by October 31, 2023, provided that the Competition Commission of India (CCI) grants the required regulatory permissions in a timely manner.
Co-founder and Managing Director Mithun Sacheti shared a mouthful of words on the Titan CaratLane acquisition. Sacheti told CNBC-TV18, “Looking into the future, there couldn’t be a more ideal destination for CaratLane than Titan and the esteemed Tata Group, who will provide the perfect opportunities for CaratLane to continue to grow from strength to strength.”
Mithun Sacheti meeting with Rakesh Jhunjhunwala
In February 2023, Mithun made a YouTube appearance. In the program, he discussed how a dinner with Rakesh Jhunjhunwala, commonly known as the Big Bull of India, persuaded him to buy out his co-founder. He also said this strategy helped CaratLane’s business increase by 100 times, thanks to this business model.
Mithun Sacheti FAQs
A. Mithun Sacheti is 45 years old.
A. Anjali Rawat Sacheti is the wife of Mithun Sacheti.
A. Mithun Sacheti is the owner of CaratLane.
A. Mithun Sachets’s net worth is close to 2 billion USD
A. Mithun Sacheti belongs to the Sacheti family, founders of Jaipur Gems.
A. Titan owns CartLane.