TR Capital and Hong Kong-based hedge fund Steadview Capital have participated in a large secondary deal in Faridabad-based India’s leading online marketplace for eyewear Lenskart Solutions. Mumbai-based late-stage tech investment firm Epiq Capital marks a late entry into the startup along with Steadview Capital.
Stakeholders that sold their stake in this secondary transaction include TPG Growth, Ronnie Screwvala-led Unilazer Ventures, and IDG Ventures India. The transaction is estimated to be around ₹480-514 crores ($70-75 million). This deal is believed to be valuing the startup at around ₹3,400 crores. The deal has been confirmed by Peyush Bansal, CEO at Lenskart, although the terms of the deal are yet to be disclosed.
“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,” Bansal said.
TR Capital is believed to have invested around $40 million in this deal. While IDG Ventures has been scaling down its stake in Lenskart, TR Capital and Premji-Invest, the personal investment arm of Wipro Chairman Azim Premji, are raking in more stake having agreed to buy shares from IDG Ventures India and private equity firm TPG Growth in the startup’s last secondary deal.
Lenskart counts International Finance Corp (IFC), the private sector investment arm of the World Bank, and Zurich-based asset management company Adveq as investors.
Previously, Lenskart had received an investment of ₹24 crores in its last round by Ronnie Screwvala-led Unilazer Ventures, having valued the startup at ₹2,000 crores.