Titan: Titan buys 27% Caratlane stock for Rs 4.6k crore
CHENNAI: In an instance of a large-liquidity event for a startup founder, Chennai-based CaratLane's founder Mithun Sacheti and his family have sold their 27.18% stake in the new-age jewellery startup to Tata Group's Titan for around Rs 4,621 crore in an all-cash deal.The deal values CaratLane at around Rs 17,000 crore, or over $2 billion and on its completion, Titan's stake in the company will go up from 71.09% to 98.28%.CaratLane recorded a turnover of Rs 2,177 crore for FY 2022-23, and the current transaction thus values the company at almost eight times its FY23 revenue. The deal is expected to be concluded on October 31, subject to approvals.The transaction finds a place among the top liquidity events for a startup founder. Flipkart founders selling their stake to Walmart remains one ...