Mulchandani founded SKAI Holdings in 2011, rebranded as FIVE in 2017. Its portfolio spans FIVE Palm Jumeirah, FIVE Jumeirah Village, and FIVE LUXE JBR in Dubai, and FIVE Zurich in Switzerland. After acquiring The Pacha Group for $332.6 million in 2023, the group expanded into Ibiza with Destino Five Ibiza, Pacha Hotel, and Pacha Ibiza joining the portfolio. In June 2026, the group expanded to the US with the debut of Pacha New York in Brooklyn. By the end of 2025, the group had $3 billion in assets and $606.9 million in revenues. Mulchandani's net worth stood at $2.2 billion as of September 2026.