CaratLane’s Mithun Sacheti Joins Singularity Growth As Co-Sponsor, General Partner

Fresh off his exit from CaratLane, Mithun Sacheti has now joined investment firm Singularity Growth as co-sponsor and general partner.

In his new role, Sacheti will actively participate in the decision-making process for all future investments. The company said he will also play a crucial role in its investment committee and will guide its investment thesis. 

Singularity Growth will also leverage Sacheti’s extensive entrepreneurial experience to scout budding startups and unlock value for the investor. 

This comes months after the cofounder of CaratLane sold his remaining 27% stake in the omnichannel jewellery platform for INR 4,621 Cr to Tata-owned watchmaking giant Titan.  

In a statement, Singularity Growth said that the appointment of Sacheti is a ‘key step’ towards expanding the ambit of its operator-investor model as well as an ‘excellent’ value-addition for its portfolio companies. 

“India has vast untapped entrepreneurial potential, and I am truly excited to be a part of Singularity Growth. Singularity has a strong vision, and I am looking forward to working closely with Yash (Kela) to create opportunities through the unique operator-investor model. Together, we hope to unlock immense value in the world of private equity investments,” said Sacheti.

Commenting on the announcement, Singularity Growth’s cofounder and chief investment officer Yash Kela added, “We have had the absolute privilege of being guided by Mithun’s insights and entrepreneurial vantage point for the last 2 years as an IC member and senior advisor. We look forward to building this much-needed operator-investor, growth equity platform along with him much more actively as a Co-Sponsor.”

It is pertinent to note that Sacheti was already a limited partner (LP) in Singularity’s first fund and is already a part of Singularity’s investment committee. Besides, he is also an LP in Flipkart cofounder Binny Bansal’s early-stage fund 021 Capital.

The development comes two months after the investment firm announced the first close of its INR 1,500 Cr second fund at INR 500 Cr.

Founded in 2021, Singularity Growth is led by Kela and is promoted by former Reliance Capital executive Madhusudan Kela-founded family office Singularity Ventures. The private equity (PE) firm’s first fund of INR 560 Cr was launched in 2021, with a final close in March 2023. 

The investment firm has so far backed 16 startups, including mCaffeine, Servify, Lohum, Exotel, WebEngage, and XYXX. 

Singularity Growth is largely focussed on areas such as consumer internet, manufacturing, enterprisetech, and financial services. The investor plans to dish out cheque sizes in the range of INR 75-175 Cr across 14 to 18 deals over the next two to three years as part of the second fund. 

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