Caratlane is a Mumbai-based online private label jewellery brand, founded in 2008 by Mithun Sacheti and Srinivasa Gopalan with an aim to make jewellery accessible, affordable and forever wearable. The company announced that its two senior-most employees; Avinash Anand and Gurukeerthi G have been elevated to co-founders. It also disclosed the valuation of shares Titan holds in the company.
“Avnish and Guru have stood by the vision of CaratLane and helped it materialise with their strong commitment and exceptional talent. It gives me immense pleasure to have them join me to lead our future endeavours,” said Mr. Sacheti.
CaratLane disclosed that the Tata Group’s Titan Company had bought a 62% stake in CaratLane acquiring 1.91 crore shares, valued at INR 357.24 crore in May this year. The company has also been heavy in raising capital. It raised almost $51 million from Tiger Global Management.
Although it initially started out on a marketplace model, it now functions as an omni-channel network. It has over 13 brand stores across the country. Last year, the company also launched its virtual try-on app which is the Perfect Look App. It enables jewellery buyers to try multiple pieces without having to put them on.
Until now, Avinash Anand was serving as Senior VP– Product & Category and Gurukeerthi G worked as Senior VP– Technology & Fulfilment. This new elevation of appointments is likely to bring a positive change in the working of CaratLane.