Titan Completes CaratLane Buyout
August 30, 23
(IDEX Online) - Titan Company has bought almost all remaining shares in the Indian e-tailer CaratLane in a move that values the company at just over $2bn.
It is being hailed as the country's biggest D2C (direct-to-consumer) deal in e-commerce.
It values the company at Rs 17,000 crore ($2.05bn) according to The Economic Times.
CaratLane, which manufactures and sells jewelry was co-founded in 2008 by CEO Mithun Sacheti, who has indicated he will be leaving the company.
Titan, part of Tata Group, the country's largest conglomerate, acquired a 62 per cent stake in 2016 for $45m, and went on to make further investments. CaratLane has since been marketed as a partnership with Tanishq.
The new $560m share purchase increases its stake from 71.09 per cent to 98.28 per cent.
CaratLane began as an online-only retailer based in Chennai, before opening physical stores. It currently has 277 in 88 cities across India.