After his recent exit from CaratLane, Mithun Sacheti has taken on a new role as co-sponsor and general partner at investment firm Singularity Growth. In this capacity, Sacheti will actively contribute to decision-making processes for future investments, play a key role in the investment committee, and guide the overall investment thesis of the firm. Singularity Growth plans to leverage Sacheti’s extensive entrepreneurial experience to identify and nurture promising startups, bringing added value to its investor portfolio.
Sacheti’s move to Singularity Growth follows his sale of the remaining 27% stake in CaratLane, an omnichannel jewelry platform, to Titan, a Tata-owned watchmaking giant, for INR 4,621 Crore. Singularity Growth views Sacheti’s appointment as a crucial step in expanding its operator-investor model and enhancing value for its portfolio companies.
Expressing his enthusiasm about the new role, Sacheti stated, “India has vast untapped entrepreneurial potential, and I am truly excited to be a part of Singularity Growth.” He emphasized his eagerness to work closely with Yash Kela, the co-founder of Singularity Growth, to unlock significant value in the realm of private equity investments through their unique operator-investor model.
Yash Kela, co-founder and chief investment officer of Singularity Growth, highlighted the privilege of having Sacheti’s guidance over the past two years as a member of the investment committee and senior advisor. Kela looks forward to Sacheti’s more active involvement as a co-sponsor, emphasizing the importance of building an operator-investor, growth equity platform with him.
Sacheti, already a limited partner in Singularity’s first fund, is part of Singularity’s investment committee and also a limited partner in Binny Bansal’s early-stage fund, 021 Capital.
This development follows Singularity Growth’s announcement of the first close of its INR 1,500 Crore second fund at INR 500 Crore, marking a significant milestone for the firm. Established in 2021, Singularity Growth, led by Yash Kela, has gained prominence as a private equity firm with a focus on areas such as consumer internet, manufacturing, enterprise tech, and financial services. The firm’s first fund of INR 560 Crore was launched in 2021, with a final close in March 2023. Singularity Growth has already backed 16 startups, including mCaffeine, Servify, Lohum, Exotel, WebEngage, and XYXX. The firm plans to deploy cheque sizes ranging from INR 75-175 Crore across 14 to 18 deals over the next two to three years as part of its second fund.
