In the bustling streets of Mumbai, Mithun Sacheti embarked on his business journey with Jaipur Gems, a jewelry store that laid the foundation for his remarkable career. However, it was his entrepreneurial vision that led him to establish CaratLane in Chennai, a venture that would eventually be valued at a staggering Rs 17,000 crore.
At the age of 44, Mithun Sacheti made headlines with the successful sale of a 27% stake in CaratLane, his online jewelry platform, to Titan, the renowned watchmaker, for an impressive Rs 4,621 crore.
This marked one of the most triumphant exits by an Indian consumer internet entrepreneur, and CaratLane’s valuation soared to Rs 17,000 crore, securing its place as the second-largest founder exit after Flipkart’s Sachin and Binny Bansal.
The journey to this phenomenal success began in 2008 when Sacheti co-founded CaratLane, driven by a vision to revolutionize the jewelry industry through e-commerce. Despite coming from a wealthy family in Mumbai, Sacheti started his business in Chennai, stepping into the world of digital entrepreneurship with uncertainty about the capital requirements, as revealed in an interview with ET.
Sacheti, a graduate of Sydenham College of Commerce and Economics, further honed his skills at the Indian Institute of Management Bangalore from 2009-10, setting the stage for his foray into the business world.
Interestingly, the Tata Group played a pivotal role in CaratLane’s journey. Titan, a Tata group firm, acquired a majority stake in CaratLane in 2016, valuing the startup at Rs 536 crore. Notably, this transaction occurred when Ratan Tata, the chairman emeritus of Tata Sons, had already invested in Carat Lane’s rival, Bluestone.
As Titan recently attributed a valuation of Rs 17,000 crore to CaratLane on August 19, reflecting a remarkable 30-fold jump in seven years, Mithun Sacheti’s entrepreneurial story stands as a testament to perseverance, foresight, and strategic business acumen.
