Indian eyewear startup Lenskart, which follows omni-channel retail model, is all set to rake up its valuation up to $460 Mn (INR 3000 Cr). Per se reports, the company is undertaking a secondary share sale worth $61.3 Mn (INR 400 Cr).
As of now, Lenskart’s major stakeholders include IDG Ventures India (12%), TPG Growth (22%), PremjiInvest (12.4%), Unilazer Ventures (19%) and TR Capital (1.27%). The company has so far raised $129.6 Mn.
In the current secondary share sale transaction, both TR Capital and PremjiInvest will purchase the shares from TPG Growth and IDG Ventures India respectively. It is expected that TR capital will acquire around 8%-10% of the Lenskart stake held with TPG Growth.
The deal is expected to close by mid-March. Also, it is not yet clear whether the other existing investors of Lenskart viz. International Finance Corp, Adveq and Unilazer Ventures, are also participating in the deal or not.
This is the third such transaction that Lenskart has entered into. Earlier in September 2016, PremjiInvest fueled in $30 Mn (INR 200 Cr) in Lenskart, wherein $10 Mn (INR 65 Cr) was used to buy fresh shares while the remaining amount was used to buy shares from IDG Ventures India providing it a partial exit from the eyewear retailer.
Also, later in January 2017, Unilazer Ventures invested $3.5 Mn (INR 24 Cr) in Lenskart through a secondary transaction, at a valuation of $306 Mn (INR 2000 Cr.).