New Delhi, Oct. 3 -- Art of Time, which sells luxury watches through its website and boutique brick-and-mortar stores, has raised Rs 175 crore ($19.5 million) in a Series B funding round.
The round was led by Caratlane founder Mithun Sacheti and his brother Siddhartha Sacheti, with participation from investment firm Plutus Wealth Management and Freshworks founder Girish Mathrubootham.
The Mumbai-based company said it will use the capital to expand its store network, launch a new bridge-to-luxury concept CIRCA, and invest in leadership hires, technology, and inventory.
"This fundraise fuels our next phase of growth, from launching CIRCA in new markets to deepening our luxury partnerships and building a team ready to lead India's luxury watch retail transformation," said co-founder Gaurav Bhatia. "Our goal is to scale Art of Time's client-first philosophy while deepening our partnerships and omnichannel presence."
Founded in 2015 by Bhatia and Bharat Kapoor, Art of Time serves as a retailer for luxury watches such as Cartier, Omega, Montblanc, and Bvlgari. It operates 14 boutiques across five cities, including Mumbai, Chennai, Bengaluru, and Pune.
The company is gearing up to launch CIRCA, an omni-retail concept designed to attract India's next generation of aspirational watch buyers. The initiative will be led by former Caratlane executive Prashant Chaudhary, who has joined as CEO of CIRCA, and will introduce a discovery-led, contemporary retail environment, making fine watchmaking more accessible to first-time buyers, Art of Time said.
The company plans to launch the first CIRCA story in Delhi this year. "With CIRCA, our goal is to democratize fine watchmaking, opening the doors for a new wave of first-time buyers while building a fresh entry point for the category. We have aggressive national expansion plans, including tier II and III markets," said Kapoor.
Published by HT Digital Content Services with permission from VC Circle.