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With the move, Reliance Retail will compete with new-age companies like Tata’s CaratLane and other legacy brands. To be sure, the company already operates Reliance Jewels but that is targeted at the mass market.
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Sacheti was recently appointed as a General Partner at Singularity Growth, and he also invests in D2C startups in a personal capacity.
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Titan's growth will be led by its jewellery segment, as the improved wedding segment performance is set to drive performance.
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Analysts at CLSA also have a positive outlook on Titan. They anticipate a robust standalone revenue growth of 17 percent year-on-year, surpassing consensus estimates of 11.2 percent.
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The company is looking to cater to rising demand from the Indian diaspora abroad, and Tanishq could open 40 stores overseas by the end of FY25.
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The acquisition, which is to be completed by March 31, would make CaratLane a wholly-owned subsidiary of Titan.
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Singularity Growth has been set up by Singularity AMC, which is backed by investor and former Reliance Capital executive Madhusudan Kela.
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Titan first acquired a 62 percent stake in CaratLane in 2016 for a consideration of Rs 357.24 crore.
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CaratLane is engaged in the business of manufacture and sale of gems and jewellery in India.
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Major jewellers offer up to 20 percent off on gold and diamond jewellery, enticing customers for Dhanteras purchases
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Anand has been with the company for over eight years. Meanwhile, co-founder Gurukeerthi Gurunathan will continue to play an important role as the Chief Technology Officer of CaratLane, the company said.
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CaratLane founder Mithun Sacheti and his family sold their stake in online jewellery retailer CaratLane. Titan currently holds 71.09 percent of the total equity share capital of CaratLane on a fully diluted basis. According to regulatory filings, Titan has agreed to further buy 27.18 percent stake that will increase company’s stake in CaratLane to 98.28 percent. Catch Manisha Gupta in conversation with Mithun Sacheti on Moneycontrol.
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Dunzo’s struggle to raise funds comes in the same week as CaratLane’s founder made a successful exit
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With the added 27.28 percent stake in CaratLane, Titan will now have even better synergies when it comes to procuring, manufacturing and marketing, believe analysts
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Sonthalia says Titan is not actively contemplating the idea of listing CaratLane, mentioning that the strategy is to manage a collection of jewellery brands under one umbrella.
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Over 70 CaratLane employees will receive Rs 340-380 crore in ESOP payout as part of the deal that the startup struck with Titan.
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Over the past decade, Titan has consistently demonstrated robust growth and unwavering market leadership. After its CaratLane deal, analysts say penetration of untapped markets would be one of the factors boosting the company’s revenue and market share further.
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It took us only seven minutes to close the deal, Sacheti says. He now plans to become an investor.
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CaratLane delivered a revenue (NSV) of Rs. 445 Cr for the quarter (54% growth over Q2FY22).
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Last week, shares of Titan rose after the company reported strong growth in sales for the September quarter.
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Kalyan Jewellers Executive Director Ramesh Kalyanaraman said gold-buying as a tradition has been an integral part of Akshaya Tritiya and this coupled with the ongoing wedding season, has created a positive market sentiment.
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CaratLane is in the business of manufacturing and sale of precious and semi-precious jewellery through its e-commerce business and also through retail showrooms.
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Jewellery portal CaratLane is planning to add 30 more retail stores and also eyeing to double its business turnover in the current fiscal.
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Jewellery buying is a traditional phenomenon and given the large ticket size of the items, there are only limited takers for the same in online space.
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In an interview to CNBC-TV18's Manisha Gupta, Sanjeev Bhatia, President- Finance, PC Jewellers and Avnish Anand, Caratlane shared their outlook on record sales of gold.
