PE Fund Investments
Eyewear retailer Lenskart attracts $500-M from ADIA
Abu Dhabi Investment Authority (ADIA) is to invest USD 500 million in Gurugram-headquartered omnichannel eyewear retailer Lenskart. The fundraise will be mostly through a secondary sale of shares. The primary component will value Lenskart the USD 4.5 Billion - the same valuation it had received as part of its previous round in 2022. Lenskart has attracted USD 1.5 Billion to date via primary and secondary sales. The 12-year-old startup sells eyeglasses, sunglasses, contact lenses and other eyewear accessories. Lenskart currently operates in India, Southeast Asia, and the Middle East. It sells products online and through over 2,000 stores, three-fourths of which are in India. Currently Kedaara Capital has about 9% stake in Lenskart, while SoftBank and Premji Invest own nearly 19% and 10.4%, respectively. SoftBank, which first backed the firm in 2019, is its single largest investor. Lenskart posted a revenue of over USD 180 million in the financial year ending March 2022. Its monthly run rate is about USD 50 million.
From the Venture Intelligence PE-VC Deal Database: Between Oct-11 and Nov-22, Lenskart had attracted about USD 1.2 B from Axis PE, Chiratae Ventures, Epiq Capital, Alpha Wave Global, Avendus PE, Temasek, Bay Capital Investments, KKR, SoftBank Corp, Kedaara Capital, Epiq Capital, TR Capital, Steadview Capital, PremjiInvest, Unilazer Ventures PremjiInvest, TPG Growth, IFC, Ratan Tata and Kris Gopalakrishnan. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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