CaratLane – a Tanishq Partnership, has announced on 25th Aug. ‘23 the appointment of Avnish Anand as its Chief Executive Officer with immediate effect. Avnish was among the founding team members of CaratLane in 2007, India’s first ever online retail company to sell loose diamonds and diamond jewellery online. He was most recently the Chief Operating Officer of Caratlane since Apr. ‘21.
Titan Company Ltd. announced on 19 Aug. 23, the full acquisition of the stake held by Caratlane Founder Mithun Sacheti and his family members, subject to completion of customary regulatory approvals.
In 2016, Titan had first acquired 62% of CaratLane for Rs. 357 Cr. Between 2016-19, the company bought the latter’s shares in tranches, mostly through secondary share sale from Tiger Global.
C K Venkataraman, Managing Director, Titan, said: “We are delighted to appointAvnish as CaratLane’s new Chief Executive Officer. Avnish comes with exceptional strategic and people leadership capabilities and has been instrumental in making CaratLane the true omni channel brand. As CaratLane and CaratLaners look to the future with great excitement and confidence, I am sure Avnish will provide the right leadership that will enable the creation of the highest standards of excellence in everything we do and reach for the stars through those standards.”
Avnish Anand on his appointment as the Chief Executive Officer of CaratLane said: “Being a part of the founding team here at CaratLane, I’ve seen the brand’s evolution up close and it’s been such a remarkable journey. Mithun has been a pillar of support and a sounding board for all my ideas these past years, so of course it’s sad to see him go. But I’m really excited for this new chapter as we have a great opportunity to build a bigger and more remarkable business in front of us. It’s definitely a moment of pride for all of us and we look forward to working more closely with the Titan leadership on this exciting journey.”
Avnish Anand is an alumnus of Indian Institute of Management, Lucknow and passed out of the prestigious institution in 2003.
For FY 22-23, CaratLane reported a revenue of Rs. 2,177 Cr. Titan acquired the 27% stake of the Founder & his family for Rs. 4,621 Cr in Aug. ‘23, taking its stake to 98.28% in CaratLane.
The company also announced Gurukeerthi Gurunathan will continue to play an important role as the Chief Technology Officer of CaratLane. He is another veteran of CaratLane who joined the company in 2012 and the person who has built the technology infrastructure that powers CaratLane’s omni channel business and digital experiences.
Guru is a seasoned technology leader who holds a master’s degree from Indian Institute of Management, Bangalore and has worked with some marquee Fortune 500 companies including a stint in Silicon Valley.
