Titan, a subsidiary of the Tata Group, acquires a 27.18 per cent share in Mithun Sacheti co-founded company, CaratLane, know his net worth and wife
The company is currently valued at Rs. 17,000 crore. After Sachin and Binny Bansal of Flipkart, it is the second-largest exit for a founder.
Who is Mithun Sacheti CaratLane founder, net worth in 2023, biography, age, family, parents, wife, education
Mithun Sacheti, the founder of Chennai-based CaratLane, and his family sold their 27.18% interest in the new-generation jewellery firm to Tata Group’s Titan for about Rs. 4621 crore in an all-cash purchase.
This purchase marks a significant instance of liquidity for a startup founder. The transaction will value CaratLane at approximately Rs 17,000 crore, or over $2 billion. Upon closing, Titan’s ownership interest in the business will increase from 71.09% to 98.28%.
Titan’s share of the business will now be 98.28%, and it was buying 91.90 lakh CaratLane equity shares. The valuation of Sacheti’s ownership position in the company had caused a stalemate between the two parties.
Who Is Mithun Sacheti?
Mithum Sacheti was born on January 26, 1978, in Mumbai. He comes from a wealthy family in Mumbai. In 1974, his parents founded the Jaipur Gems in Mumbai. However, in 2008, Mithun established his company in Chennai.
Mithu Sacheti’s Education
He earned his graduation degree from Sydenham College of Commerce and Economics. He attended the Indian Institute of Management, Banglore, and the Gemological Institute of America, California (GIA).
Mithun Sacheti’s Personal Life
The 45-year-old Mithun is married to Anjali Rawat Sacheti and has two kids: son Raghav Sacheti and daughter Mira Sacheti.
This is true despite the fact that Ratan Tata, the chairman emeritus of Tata Sons, invested his own funds in Bluestone, a competitor of Carat Lane.
Mithun Sacheti’s Career
In 2008, Mithun co-founded the online jewellery store CaratLane with Avnish Avnand. The business initially targeted young working women who were successful and could take care of themselves financially.
Starting out as a jewellery business that only sold online, CaratLane evolved into a digitally native multichannel company that offered both retail locations in important Indian cities and e-commerce options. More competitors entered the Indian internet jewellery market after CaratLane, including Bluestone, Mellora, and others.
According to Mithun, his dinner meeting with Rakesh Jhunjhunwala compelled him to establish his own company, CaratLane, which soon became a big success.