India’s Titan Company now owns virtually all of jewelry e-tailer CaratLane, after purchasing the remaining percentage of the business from founder Mithun Sacheti (pictured) and his family for 4,621 crores (approximately $560 million).
Titan first invested in CaratLane in 2016 and had owned 71% of the company before the acquisition of its remaining shares, which brings Titan’s holding to 98.28%.
The deal values CaratLane at over $2 billion, according to Indian newspaper The Economic Times, which called the transaction the second-largest exit ever for an Indian e-commerce founder. The sale is subject to approval by the Indian government, and is due to close on Oct. 31.
CaratLane’s 2023 income was 2,177 crores (around $264 million), the announcement said.
Sacheti founded CaratLane in 2008. He talked about the company on JCK’s The Jewelry District podcast in 2022.
In a statement Sacheti, who did not respond to a request for further comment, indicated he was leaving the business. “I wish CaratLane and all those associated with it many more successes in times to come,” he said.
Titan invested $20 million in U.S. lab-grown e-tailer Clean Origin in 2022.
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