Omnichannel luxury watch retailer Art of Time has raised Rs 175 crore in a fresh funding round backed by existing investors — CaratLane founder Mithun Sacheti, Jaipur Gems CEO Siddhartha Sacheti, Freshworks founder Girish Mathrubootham, and Plutus Wealth Management.
Investors contributed 70% of the total round as primary capital infusion and raised the remainder through a secondary share sale.
The company intends to use the capital to expand its retail network, launch new categories, hire talent, and strengthen technology and inventory. Moreover, since its inception, Art of Time has secured Rs 200 crore in total funding. Founded in 2015 by Gaurav Bhatia and Bharat Kapoor, the Mumbai-based retailer has also collaborated with nearly 20 brands, including Cartier, Montblanc, Piaget, and Jaeger-LeCoultre.
“Every other brand is looking at India very strongly. They see the potential here and believe they can be the next big thing in the luxury space,” said Bhatia.
Currently, the company operates 14 boutiques across five cities — including Mumbai, Bengaluru, and Chennai — through a mix of multi-brand outlets and exclusive brand stores. “We have three more stores in the pipeline in this fiscal year—one opening soon in Hyderabad; Circa, our new multi-brand concept in Noida this month, and a monobrand boutique in Ahmedabad,” he added.
Bhatia noted that the retailer’s primary customer base comprises individuals earning over Rs 500,000 per month. Meanwhile, with Circa positioned in the bridge-to-luxury category, Art of Time plans to target consumers in the Rs 50,000 to Rs 4 lakh income range.
“Even among women, there has been a significant shift from jewellery to watches. This has actually increased our share of purchases among women, balancing the ratio of men’s and women’s purchases over the years,” he said.
Analysts project that the Indian luxury watch market, currently valued at $1.6 billion, will grow to over $2.8 billion by 2033.
At present, Art of Time generates around 85% of its revenue from offline stores, while online sales contribute the remaining share. Looking ahead, the company plans to increase its online revenue to 30% over the next two years.
Commenting on the investment, CaratLane’s Sacheti said, “Art of Time has unlocked network effects in a high value category that has long been underserved in India.”
