Mithun Sacheti, who sold his remaining stake in Caratlane to Titan and scored one of the biggest exits for an internet entrepreneur in India, has now joined Singularity Growth as a general partner. The venture capital firm that largely backs consumer tech startups has also roped in Sacheti as a co-sponsor, it said on December 13.
To be sure, Sacheti was already a sponsor, or a limited partner (LP) in Flipkart co-founder Binny Bansal’s 021 Capital and Singularity Ventures. The additional position announced on December 13 is one among the many roles Sacheti will juggle between. Sacheti had earlier told Moneycontrol that he will also assess startups that are in the Rs 100-150 crore revenue range and look at backing them in his personal capacity as D2C (direct to consumer) is in his DNA.
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At Singularity, Mithun will play a crucial role in the investment committee and actively participate in the decision-making process for all future investments.
"India has vast untapped entrepreneurial potential, and I am truly excited to be a part of Singularity Growth. Singularity has a strong vision, and I am looking forward to working closely with Yash (Kela) to create opportunities through the unique operator-investor model. Together, we hope to unlock immense value in the world of private equity (PE) investments,” Sacheti said.
Singularity Growth has been set up by Singularity AMC, which is backed by investor and former Reliance Capital executive Madhusudan Kela. Kela’s nephew, Yash Kela runs Singularity Growth. It has backed startups like innerwear company XYXX, mcaffine which makes body soaps and washes, Servify, Exotel, among others.
Sacheti’s appointment comes at a time when Singularity Growth has concluded the first close of its Fund II at Rs. 500 crore. It has planned a total corpus of Rs 1,500 crore and has a greenshoe option of Rs 500 crore.
“The capital markets wisdom of Madhu (Kela) and the operating muscle of Mithun add a unique combination to Singularity. For Singularity, it’s a key step towards expanding the ambit of our operator-investor model, as well as an excellent value-add for our portfolio founders building companies out of India and globally,” Yash Kela, Founder and Chief Investment Officer, of Singularity Growth.
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