TR Capital and Hong Kong-based hedge fund Steadview Capital have made the second transaction, estimated at $70-75 million, in Lenskart Solutions in the last five months.
The transaction has also seen the entry of late-stage technology-focused investment firm Epiq Capital as the second new investor. TPG Growth, Ronnie Screwvala-led Unilazer Ventures and IDG Ventures India, have sold part of their stakes and the deal believed to be valuing Lenskart at about Rs 3,400 crore.
“The company has turned profitable, and that certainly opens up the arena for a lot of growth stage public market investors. It’s a promising investment for the likes of TR Capital and Steadview Capital, because it shows that the investment can grow multi-fold from here on, and even at this valuation,” Lenskart CEO Peeyush Bansal told ET.
TR Capital is believed to have shelled out an estimated $40 million this time around. However TR Capital’s stake post the deal has not been disclosed yet.
The VC firm IDG Ventures, according to sources, has been consistently paring down its stake in Lenskart, and reportedly earned about $50 million from the secondary transaction.
In first secondary deal, earlier in March 2018, TR Capital and Premji-Invest, the personal investment arm of Wipro Chairman Azim Premji, up their stakes in the company after acquired shares from IDG Ventures India, an early investor in Lenskart and PE investor TPG Growth. After the completion of the deal, TR Capital, raised its stake to 10% in Lenskart.
Founded in 2008, Lenskart has raised over $100 million from investors including Ratan Tata, IFC (venture capital arm of the World Bank) and Kris Gopalakrishnan (Infosys co-founder), among others.
Lenskart currently operates 410 stores apart from its online sales and claims to ship 3,00,000 eyewear units per month. Last year, the company had also announced its plans to launch its initial public offer by 2020 to provide an exit option to existing shareholders.