Mulchandani founded FIVE Holdings as SKAI Holdings in 2013 and rebranded in 2017. The company owns and operates FIVE Zurich in Switzerland, FIVE LUXE JBR, FIVE Palm Jumeirah, and FIVE Jumeirah Village in Dubai. In October 2023, FIVE Holdings debuted its $350 million green bond listing on Nasdaq Dubai. In the same month, the company acquired The Pacha Group, encompassing its hotel and nightclub ventures, in a deal valued at $302.5 million. The company’s hospitality segment recorded $180 million in revenues in the first nine months of 2023. He had a net worth of $2 billion as of April 2024.