Indian billionaire Mulchandani founded FIVE Holdings as SKAI Holdings in 2011 and rebranded it to FIVE in 2017. FIVE acquired Ibiza-based Pacha Group in October 2023 for around $352.3 million, which has since adopted 100% green power, avoiding 538 metric tons of CO2 emissions in 2024. The Pacha Group also reduced its carbon emissions by 15% and water consumption by 7% in 2024. In 2024, FIVE reported total assets of $2.9 billion and revenues of $589.6 million, with hospitality contributing over 75% to total revenues. Mulchandani’s net worth was $2.2 billion as of July 2025.