Mithun Sacheti, founder of CaratLane, describes how early cash flow from a B2B arrangement with Titan allowed the company to skip seed and Series A rounds.
“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.”
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More from Mithun Sacheti
AssertionSupported
Sacheti: Titan's 2018 99-crore primary round carried a punitive valuation
“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.”
Mithun SachetiFeb 27, 2023▶ 26:55Building CaratLane to a 17000 Crore company and selling it to TATA with Founder Mithun Sacheti
Disclosure
Sacheti: CaratLane resolved never to raise outside capital again after 2018
“I made it a point that we will not raise money ever again.”
Mithun SachetiFeb 27, 2023▶ 29:25Building CaratLane to a 17000 Crore company and selling it to TATA with Founder Mithun Sacheti
PredictionOpen · timeframe Feb 2028
CaratLane targets ₹10,000 crore revenue and 20% EBIT margin in five years
“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…”
Mithun SachetiFeb 27, 2023▶ 31:50Building CaratLane to a 17000 Crore company and selling it to TATA with Founder Mithun Sacheti
AssertionNot checkable as stated
CaratLane achieves 25% annual customer repeat rate vs 4% industry average
“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.”
Mithun SachetiFeb 27, 2023▶ 36:51Building CaratLane to a 17000 Crore company and selling it to TATA with Founder Mithun Sacheti
AssertionContradicted
Sacheti: CaratLane is already India's largest D2C business
“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.”
Mithun SachetiFeb 27, 2023▶ 37:39Building CaratLane to a 17000 Crore company and selling it to TATA with Founder Mithun Sacheti
AssertionSupported
Sacheti: India produces 90% of global diamonds but captures 8% of margins
“Nine out of 10 diamonds sold in the world are made in India. But we capture only eight percent of gross margin of the world.”
Mithun SachetiFeb 27, 2023▶ 38:07Building CaratLane to a 17000 Crore company and selling it to TATA with Founder Mithun Sacheti
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