Mithun Sacheti: CaratLane founder Mithun Sacheti joins Singularity Growth as co-sponsor, general partner

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Mithun Sacheti, founder of omnichannel jewellery retailer CaratLane, who scored a Rs 4,621-crore exit by selling his 27% stake to Tata group’s Titan, has joined Singularity Growth as a general partner to take a more active role in the fund’s strategic investments.He has also become the co-sponsor for the new fund the investment firm is raising.

Sacheti was already an investor or limited partner (LP) in Singularity’s first fund, besides being part of its investment committee (IC).

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Singularity is currently raising its second fund of Rs 1,500 crore and has received a capital commitment of Rs 500 crore as its first close. Sacheti is also a significant LP in Flipkart founder Binny Bansal’s early-stage venture fund 021 Capital.

Singularity has backed startups like caffeine-based products maker Mcaffeine, customer engagement platform WebEngage, virtual telecom firm Exotel and battery materials maker Lohum.

Also read | Loss-making businesses in the eyes of strategics don’t get great value: CaratLane’s Mithun Sacheti

“I thought it was a great opportunity for me to work with (founder) Yash closely and build on areas that I think will help (the fund). I will also get to learn from new-age founders who are building new startups,” Sacheti said of his new role at Singularity.

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Yash Kela, founder and chief investment officer, Singularity Growth, said Sacheti will help in building the much-needed operator-investor, growth equity platform along with him “more actively” as a co-sponsor. Also read | ‘Achieved one goal, have to achieve more’: Life after CaratLane for Mithun Sacheti

“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,” he added.

Singularity plans to invest in cheque sizes of Rs 75-175 crore across 14 to 18 deals over the next two to three years, ET had reported on October 19.

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