Founded in 2008 by Mithun Sacheti and Srinivasa Gopalan with an aim to make jewellery accessible, affordable and forever wearable, Mumbai-based online private label jewellery brand CaratLane has a lot of news for us today. The company announced that it has its two senior-most employees, Avinash Anand and Gurukeerthi G have been elevated to co-founders. It also disclosed the valuation of shares Titan holds in the company.
Until now, Avinash Anand was serving as Senior VP– Product & Category and Gurukeerthi G worked as Senior VP– Technology & Fulfilment. Along with these two chiefs, the company also named Mithun Sacheti, founder and CEO of CaratLane. Regarding the promotions of the two new co-founders, the newly appointed founder and CEO said:
“Avinish and Guru have stood by the vision of CaratLane, and helped it materialise with their strong commitment and exceptional talent. It gives me immense pleasure to have them join me to lead our future endeavours… With Avnish and Guru as Co-Founders, I am confident CaratLane’s vision to revolutionise jewellery wearing and jewellery buying in India is only inching closer to reality.”
Both Avinash and Guru come from IIMs. The former from IIM Lucknow and the latter from IIM Bangalore. Both of them have played a crucial role in shaping CaratLane into what it is today.
Along with these big announcements, CaratLane also disclosed that the Tata Group’s Titan Company had bought a 62% stake in CaratLane acquiring 1.91 crore shares (1,91,42,545 shares), valued at INR 357.24 crore in May this year. The company has also been heavy in raising capital. It raised almost $51 million from Tiger Global Management.
CaratLane initially started out on a marketplace model, but now functions as a omni-channel network. It has over 13 brand stores across the country. Last year, the company also launched its virtual try-on app. Called the Perfect Look App it enables jewellery buyers to try multiple pieces without having to put them on.