CaratLane

“We've had a CAGR of 55% for the last six years”

“And so we kept building that on from there, and Tiger was with us from then to 2016. And when they left, we'd grown about 10 X or 12 X. We were at 140 crores of revenue by then.”

“And that, which is the average of industries, four percent, we are now at 25% repeat rate. And so, 25% of our lifetime customers will shop again this year.”

“570 crores to be precise.”

“Thanks to Titan. They lent me the money to buy him out. They would have obviously liked me to have more skin in the game.”

“So if you see our biggest contribution maybe to the jewelry business is that we've been market makers more than people who are going after market share on that part. And I think market share guys are a bit more disruptors. Market makers, I feel are cooler than…”

“What we were first at for sure is that we introduced designs at a price point where people didn't consider creating design.”

“When we came in, we were .1. You know, at 20,000 crores, we were at 140 crores of sales.4, whatever that number was. Today we are nearing about eight, 10% on that.”

“And Titan only did a secondary, no primary. Yeah. They didn't put any money in the business.”

“I can tell you in writing that out of that 200 crores, I just destroyed in bad decisions. So really, 200 crores is what gives you that kind of returns.”

“They owned 62% of the business then, so.”

“Six million. We didn't raise Seed or Angel or Series A. We just didn't do much of that stuff because of this Titan cash flow that we were doing.”

“The harder task was to convince Tiger to leave because they just put in money. Right at that point. And they, and it was a slight, I mean, they came at 600, it was five 70. The currency fluctuation had hurt them. So they had to exit at possibly a flat round at…”

“Oh no, I think we have set ourselves five years, 10,000 crores. I mean, I think more than a billion dollars, unless the rupee further depreciates and goes in that direction. But yeah, and a 20% EBIT business is a long-term healthy business, you know, so we wan…”

“And that once took on, and then, you know, we trained about, the pilot was 12 stores, supposed to be one year, but instead of in two months, it became 50 stores. We really built a robust cash flow for ourselves. And that's where the cash kept coming in, that w…”

“There was a beautiful business called Blue Nile that I really enjoyed watching in America. I had some interaction over there because to earn some pocket money, I used to do some brokerage and my business, not my business really, but my activity over there was …”

“They would pay us in seven days and we would pay the vendors in 60 days. So that 53 days of free cash flow that we created, we built our business on that.”

“So I had to convince my family that give me four years of my life and let's agree on a bunch of money as stop loss. So time and money became a stop loss. We agreed on that. And with that philosophy of four years and 75 lakhs of investment, we agreed to sort of…”

“I made it a point that we will not raise money ever again.”

“As this business is, it's been created in the last 14 years with the total capital of 400 crores.”

“Over a period of time, Titan then did a secondary in sorry, another primary in 2018. They put 99 crores in the company, and we were really shafted on that valuation. And that cost me a lot at that point.”

“I would love to see this become India's largest direct to consumer business. I mean, sorry, world's largest direct to consumer business. India's largest we already are.”

“We will do about 2300 crores somewhere on that in revenue. 10% EBIT as a business. 200 crores in profit.”

“The largest piece of the jewelry market is the plain gold jewelry business. That's an area which is the largest piece, and we frankly don't even exist in it yet. This is where people for years have invested in gold. They haven't looked at this adornment alone.…”