MUMBAI - Titan Company Limited, a prominent member of the Tata Group, has secured approval from the Competition Commission of India (CCI) today to purchase an additional 27.18% share in the online jewelry retailer CaratLane. The deal is valued at Rs 4,621 crore in cash, marking a significant expansion of Titan's presence in the e-commerce sector.
The journey of Titan's investment in CaratLane began in 2016 when it acquired a controlling stake with an investment of Rs 563 crore. Over the following three years, Titan increased its holding through secondary purchases totaling Rs 440-450 crore from venture investor Tiger Global among others.
This latest acquisition is notable for its size, being second only to the high-profile exit of Flipkart's founders in the context of India's e-commerce industry transactions. With this move, Titan aims to strengthen its position in the rapidly growing online jewelry market, leveraging CaratLane's established platform and consumer base.
CaratLane, founded by Mithun Sacheti and family, has been a pioneer in transforming India's traditional jewelry shopping experience to a more digital-friendly model. The acquisition serves as a strategic step for Titan to further capitalize on the digital surge and consumer shift towards online shopping.
The transaction showcases Titan's commitment to expanding its digital footprint and reflects the company’s confidence in the growth potential of India’s e-commerce space.
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