Mulchandani founded FIVE Holdings as SKAI Holdings in 2013, rebranding to FIVE in 2017. The Group’s portfolio includes the Pacha Group, and hospitality and entertainment destinations, such as FIVE Palm Jumeirah, FIVE Jumeirah Village, FIVE LUXE in the UAE, alongside FIVE Zurich in Switzerland, Destino Five Ibiza, and Pacha Hotel in Spain. In September 2025, FIVE raised $460 million through a revolving credit facility to prepay an earlier green bond and fund its expansion plans into the U.S. and Asian markets. Mulchandani is a billionaire with a net worth of $2.2 billion, as of March 2026.