Art of Time Secures Rs 175 Crore Funding for Expansion
Art of Time, recognised as India’s foremost omnichannel luxury watch retailer, has successfully raised Rs 175 crore in a new funding initiative. This financing comes from notable investors including Mithun Sacheti, founder of CaratLane, Siddhartha Sacheti, CEO of Jaipur Gems, Girish Mathrubootham, founder of Freshworks, and representatives from Plutus Wealth Management. This round comprises 70% primary capital and 30% from secondary sales, taking the total funds acquired by the company to Rs 200 crore since its establishment.
The newly acquired funds are set to be allocated towards expanding retail locations, introducing various product categories, investing in technology and inventory, and reinforcing the team. Presently, 85% of revenue is generated through physical outlets. However, Art of Time aims to increase its online sales from the current 15% to 30% within the next two years.
Background of Art of Time
Established in 2015 by Gaurav Bhatia and Bharat Kapoor, Art of Time collaborates with 20 prestigious global luxury brands, including Cartier, Montblanc, Piaget, and Jaeger-LeCoultre. With a network of 14 boutiques situated in Mumbai, Bengaluru, Chennai, and other urban centres, the company is preparing to launch three new stores this year. This includes its first outlet in Hyderabad, a new multi-brand concept named ‘Circa’ in Noida, and a mono-brand boutique in Ahmedabad.
Expansion into the Bridge-to-Luxury Segment
In addition, the company is venturing into the “bridge-to-luxury” market with Circa, targeting consumers with monthly earnings ranging from Rs 50,000 to Rs 4 lakh. This strategic move is designed to broaden its customer base, reaching beyond its traditional affluent clientele.