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Khyaal and CaratLane Partner to Introduce Innovative Digital Gold Investment Offerings for Seniors
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Competition Heats Up in India s Jewellery Sector
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CaratLane achieves a milestone with the launch of its 250th store in its 100th city
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According to a recent report, the Indian gem and jewelry market is expected to grow at 21% CAGR from $37.25 billion in 2022 to reach $144.4 billion by 2029. Traditionally, the Indian jewelry market was dominated by family-owned stores that catered to regional markets. Over the past few years, though, there has been a significant infusion of technology in the space that has led to the growth of more modern corporate houses selling both through physical stores and e-channels. Chennai-based CaratLane is one such successful story. CaratLane's Offerings Founded in October 2008 by Mithun Sacheti and Srinivasa Gopalan, Chennai-based CaratLane is an online jewelry store that provides access to a wide range of loose gems and diamonds for the gem and jewelry market. Mithun had grown up in the jewelry industry and prior to founding CaratLane had already opened new stores for his family business throughout the southern regions in India. Since Mithun was so involved with the gem
Mithun Sacheti, co-founder of CaratLane, has gained attention since the announcement of Titan s acquisition of his remaining stake in the company for Rs 4,621 crore ($635 million) in cash. While the spotlight is new to him, Sacheti says he always knew the value of the business. Despite the large sum of money, he admits it doesn t mean much to him personally and that he would take the business back if given the opportunity. CaratLane has been growing at over 50% for the last five years and achieved profitability in 2020-21. Sacheti plans to continue his involvement in the startup ecosystem through various ventures.