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The company has around 1,700 employees, and its ESOP pool holds around 1.5% stake. Following the purchase of Sachetis 27.18% stake in CaratLane, Titan will hold a 98.28% stake in the company. ....
Happy Monday! Mithun Sacheti hit it big on Saturday when he sold his 27% stake in online jewellery marketplace CaratLane to Titan. The Rs 4,621 crore deal is among the largest for any Indian consumer internet company. Hear all about it from Sacheti himself in todays super packed edition of the ETtech Morning Dispatch. ....
While shedding light on his initial foray into the e-commerce business, Sacheti said that he didnt realise the kind of money it would take to build an e-commerce business. " Sacheti s family runs Mumbais well-known jewellery store Jaipur Gems, asserted that his family stayed away from the media limelight as he quietly built the Chennai-based company. He also shed light on the CaratLane journey and how Rakesh Jhunjhunwala backed him a lot. ....
The latest transaction will ascribe a valuation of Rs 17,000 crore to CaratLane. The deal ranks as the second largest exit for an ecommerce founder in India after Flipkart founders Sachin Bansal and Binny Bansal sold their stakes to Walmart. ....