MC EXCLUSIVE Mithun Sacheti weighs Orra Fine Jewellery acquisition, years after selling CaratLane to Titan

Orra Fine Jewellery retail store next to Tanishq (also owned by Titan) in Koramangala, Bengaluru

• Mithun Sacheti to acquire Orra Fine Jewellery with Plutus Wealth Management
• Orra has 100 stores, FY25 revenue of Rs 1,241 crore, valued at Rs 4,900-7,500 crore.
• Sacheti aims to scale Orra's revenue to Rs 8,000-10,000 crore in 4-5 years

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Mithun Sacheti, founder and former chief executive of CaratLane, is exploring a full acquisition of Orra Fine Jewellery, as he looks to re-enter the sector that delivered one of the biggest exits in India’s consumer space, people aware of the matter told Moneycontrol.

Who is Sacheti and what is his connection with the jewellery industry? 

Sacheti has been in the jewellery industry for over 25 years, first with his family business, Jaipur Gems, and later with CaratLane. In 2023, Sacheti struck gold when he sold CaratLane to Titan in a near-$2 billion deal, one of the largest liquidity events in India’s consumer ecosystem.

He has been an angel investor and has backed VIP Industries, Ippopay, Bombay Shirt Company, Oro Safe and Nazara Technologies among others. Sacheti is also a general partner and co-sponsor at Singularity Growth, a venture capital firm, and a limited partner in Flipkart co-founder Binny Bansal's 021 Capital.

How will Sacheti and Orra deal look like?

Sacheti is now returning to the jewellery industry and is looking to repeat the success he had in the past. This time, Sacheti is likely to team up with Plutus Wealth Management, a boutique proprietary investment firm, to take full control of Orra, sources said.

How are Sacheti and Plutus Wealth Management related?

Plutus, like Sacheti, is an active investor in Indian companies. The wealth management firm has backed Happiest Minds, RateGain, CredAble and other businesses in India.

Plutus’ Managing Partner and co-founder Arpit Khandelwal and Sacheti have worked together in the past and jointly invested in Nazara Technologies, a gaming and sports media developer.

Orra will now be their next big bet together.

How much money Sacheti and Plutus will put in together, how it will be split and how much equity each will hold was not immediately clear.

Sacheti, Orra and Plutus Wealth did not reply to Moneycontrol’s queries.

What is Orra Fine Jewellery and what valuation is it commanding? 

Orra Fine Jewellery is a Mumbai-based traditional jewellery business. It clocked a revenue of Rs 1,241 crore and a profit of Rs 6.4 crore in FY25, according to Tracxn, a private markets data provider. In FY24, it had revenues of Rs 1,156 crore and incurred a loss of Rs 11.3 crore.

A business like Orra would be worth four to  six times its revenue, which would roughly translate to a valuation of about Rs 4,900-7,500 crore ($540-830 million), rough estimates by two industry executives say.

It has about 100 retail stores and plans to scale up under Sacheti’s leadership.

“Mithun has charted plans to scale Orra’s revenues to about Rs 8,000-10,000 crore in 4-5 years from now,” one of the persons cited above told Moneycontrol.

Are there legal hurdles in the way of Sacheti operating a jewellery brand?

Sacheti's legal binding ended a few months ago and he is free to operate in the space again.

In an interview to Moneycontrol in 2023, Sacheti had indicated he would consider running a similar business once his non-compete clause ends. While he had not commented on the specifics back then, he said a non-compete clause which prohibits the founder from starting up again for more than 24 months is “criminal”.