To be more involved in the fund’s strategic investments, Mithun Sacheti, the founder of the omnichannel jewellery shop CaratLane, became a part of Singularity Growth as a general partner. Additionally, he is now a co-sponsor of the new fund that the investment business is trying to raise.
Sacheti was on the investment committee (IC) of Singularity and had already invested or been a limited partner (LP) in the company’s first fund.
“I thought it was a great opportunity for me to work with (founder) Yash closely and build on areas that I think will help (the fund). I will also get to learn from new-age founders who are building new startups,” Sacheti said of his new role at Singularity.
Singularity has secured a capital promise of Rs 500 crore as its first closure and is presently raising its second round of Rs 1,500 crore. Additionally, Binny Bansal, the creator of Flipkart, has Sacheti as a sizable LP in his early-stage venture fund, 021 Capital.
Sacheti will work “more actively” alongside him as a co-sponsor to assist establish the crucial operator-investor, expansion equity platform, according to Yash Kela, founder and chief investment officer of Singularity Growth.