Titan has agreed to buy the remaining 27.18% stake in CaratLane, an online jewellery retailer, for Rs 4,621 crore, marking an exit of founder Mithun Sancheti and his family in the online jeweller.

Upon the completion of this stake purchase, Titan will hold 98.28% of the equity in CaratLane.

Titan, a part of Tata Group, started investing in CaratLane in 2016 and held a 71% stake in the company.

Mithun Sacheti said, “Having dreamt of making beautiful jewellery accessible and affordable to all, I am immensely proud of what we have collectively achieved at CaratLane in the past 15 years. Looking into the future, there couldn’t be a more ideal destination for CaratLane than Titan and the esteemed Tata Group who will provide the perfect opportunities for CaratLane to continue to grow from strength to strength.”

C K Venkataraman, Managing Director of Titan, said the company has always prided itself in building strong brands and believes that the growth journey of CaratLane has just begun and has a long road ahead of it.

The proposed deal is expected to be completed by 31 October 2023.

For the financial year 2022-23, the turnover of CaratLane was Rs 2,177 crore.