CaratLane Founder Mithun Sacheti will join Singularity Growth, a private equity firm, as a co-sponsor and general partner, a statement said.
Sacheti, in August this year, had announced the sale of his remaining 27% stake in the omnichannel jewellery retailer, CaratLane, for Rs 4,621 crore to Tata Group-owned Titan.
A statement from Singularity said that Sacheti will play a crucial role in the investment committee and actively participate in the decision-making process for all future investments.
On the new move, Sacheti said, “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 to create opportunities through the unique operator-investor model. Together, we hope to unlock immense value in the world of Private Equity investments.”
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Launched in 2021, Singularity Growth is an operator-investor, growth-private equity platform. Its first fund was of the size of Rs 560 crore, and it has invested in 16 companies across consumer goods, enterprise SaaS and fintech infra platforms, including m-caffeine, Servify, Lohum, Jana Small Finance Bank, ORO Inc, Veeda, and NSE.
It also recently concluded the first close of its Fund II at Rs 500 crore, with a total corpus planned of Rs 1,500 crore and a greenshoe option of Rs 500 crore.
Besides Singularity, Sacheti is also a limited partner in Flipkart Co-founder Binny Bansal’s VC firm O21 Capital.
Yash Kela, Founder and Chief Investment Officer, Singularity Growth, said, “We have had the absolute privilege of being guided by Mithun’s insights and entrepreneurial vantage point for the last two years as an IC member and senior advisor. We look forward to building this much-needed operator-investor, growth equity platform along with him much more actively as a Co-Sponsor.”
Edited by Suman Singh
