Lenskart looks to raise fresh funds at $4.5 billion valuation
Lenskart is in talks to raise new funds from Abu Dhabi Investment Authority at a valuation of $4.5 billion. This could result in an investment of between $350 million and $400 million which would be the largest fundraising round to date for the Indian omni-channel eyewear business.
Some of Lenskart’s investors are looking for a partial exit, sources aware of the development told The Economic Times. Abu Dhabi Investment Authority would be mostly investing in the business through a secondary share sale with a small primary round which would consist of growth equity at a $4.5 billion valuation.
“It’s not a tech company but over time it has adopted an omni-channel approach and has also invested heavily on manufacturing and the basics,” an anonymous investor told ET Bureau. “That is why it has managed to stave off the tech valuation meltdown to a large extent. Tech is at the centre but it’s built on that. That’s why, as it scales up more and more, traditional PE or growth equity investors like TPG Growth, which later exited, and now KKR, Temasek find the story appealing… It’s also investing in its private labels and D2C strategy.”
Lenskart launched 12 years ago as an eyewear business retailing a wide range of brands and its current investors include Softbank, KKR, Premjiinvest, Temasek, and Chiratae Ventures among others. Lenskart has raised $1.05 billion to date which it raised over 19 funding rounds.
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