KKR invests USD95 mn in eyewear retailer Lenskart
Lenskart on Monday said global investment firm KKR will invest $95 million (about Rs 695.8 crore) in the omnichannel eyewear retailer via a secondary stake acquisition. As part of the transaction, existing investors – TPG Growth and TR Capital – will each divest a portion of their holding in Lenskart, a statement said.
By : migrator
Update: 2021-05-17 18:19 GMT
New Delhi
These entities had invested in Lenskart in late 2014. Upon the completion of the transaction, KKR will look to leverage its experience working with leading technology and eyewear companies globally to support Lenskart in expanding its presence in India, scaling its growing operations overseas, and enhancing its digital offerings to augment customers’ virtual and omni-store experience, the statement said.
According to reports, KKR’s investment is part of a larger $300-million round. However, the companies did not comment on the report and if other investors have participated in the round. KKR said it is making its investment from its Asian private equity fund.
Some of the recent technologyfocused investments for KKR in Asia include Adopt A Cow (a digitalised, direct-to-consumer dairy company in China), NetStars (the operator of Japan’s largest QR code payment gateway), and Walnut Programming (a children’s programming education company in China). In 2019, Lenskart had announced raising over $275 million (nearly Rs 1,956 crore) from Softbank Vision Fund.
In the past, it has received funding from investors’ like Ratan Tata, PremjiInvest, IFC (venture capital arm of the World Bank), TPG Growth, IDG Ventures, Unilazer Ventures and Adveq. Avendus Capital advised Lenskart on the transaction.
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