Lenskart to raise Rs 392 crore from Kedaara
today Sep 16, 2019
Eyewear brand Lenskart is in the process of raising Rs 392 crore ($58.92 million) from the Indian private equity business Kedaara Capital as part of a larger funding round by the business.
Lenskart filled regulatory documents stating that it is in the process of raising Rs 329 crore from Kedaara Capital, TNN reported. The brand will be valued at Rs 8,200 crore ($1.15 billion) after the funding goes through.
The business will issue over 60 lakh compulsorily-convertible-cumulative-preference shares to two different entities owned by Kedaara. Shares will be valued at Rs 638 each, according to information sourced but Tofler, a business intelligence firm, TNN reported. Kedaara also plans to purchase additional Lenskart shares from existing shareholders in the business’ secondary share sale.
The funding will be part of an ongoing, larger funding round for Lenskart. The funding will include both secondary share purchases and fresh investment. The Japanese business SoftBank is also currently in funding talks with Lenskart.
Lenskart currently has over 500 brick-and-mortar stores in India. The business aims to put some of its upcoming funding towards expanding internationally, including in Singapore. The brand was launched in 2008 and has so far raised over Rs 850 in primary capital.
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