He started with a jewellery store – Jaipur Gems in Mumbai and went to build Chenni-based company CaratLane
Mithun Sacheti began his business career in Mumbai with Jaipur Gems, a jewellery store. Later, he founded Chenni-based CaratLane, a firm presently valued at Rs 17,000 crore.
Mithun Sacheti, 44, made headlines when he successfully sold a 27% stake in his online jewellery platform, CaratLane, to watchmaker Titan for Rs 4,621 crore. This was one of the most successful exits by an Indian consumer internet entrepreneur. The valuation of the company has reached Rs 17000 crore. It is the second biggest exit for a founder after Flipkart's Sachin Bansal and Binny Bansal.
As per an ET report, Sacheti initially acquired the Tata group firm as a stakeholder in 2016 when Tiger Global, an investment vehicle-based in New York, sold Titan its 62% ownership in CaratLane. This transaction valued the startup at Rs 536 crore.
Titan ascribed a valuation of Rs 17,000 crore to the omnichannel retailer on August 19, which is a more than 30-fold jump in seven years.
The Journey of Mithun Sacheti from Jaipur Gems to CaratLaneSacheti, whose family well-known traditional Mumbai jewels business Jaipur Gems, tends to avoid the spotlight. Sacheti stated, when discussing his first venture into the e-commerce industry with ET, that he was unaware of the amount of capital required to establish an e-commerce enterprise.
He did his graduation from Sydenham College of Commerce and Economics. According to his LinkedIn profile, he studied at the Indian Institute of Management Bangalore from 2009-10.
Sacheti co-founded the company in 2008.
He comes from a wealthy family of Mumbai. Tata Group had bought a majority stake in Caratlane in 2016. This, despite the fact that the chairman emeritus of Tata Sons, Ratan Tata, had invested his personal money in Carat Lane's rival, Bluestone.
Mithun Sacheti's parents founded Jaipur Gems in Mumbai in 1974.
Mithun Sacheti, however, started his business from Chennai.
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