LensKart Finds More Investments and Secondary Deals
LensKart has recently become the point of attraction of international investors who view it as the most potential investment ground for growth and development. The company has also become profitable now and TR Capital and Hong-Kong based hedge fund Steadview capital have taken secondary deal in the company. Such huge transaction has happened for the second time in the last five months.
Apart from the existing investors, the transaction amounting to $70-75 million indicates the entry of Eqip Capital which is a technology-based firm. It has entered as the second big investor. While the company selling their stakes include TPG growth, Unilazer venture, and IDG ventures India. The sale deal has an overall value of Rs 3400 crore. Even the LensKart CEO Peyush Bansal has confirmed on all these progressions. He stated that, “The company has turned profitable, and that certainly opens up the arena for a lot of growthstage 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.”
As of now, the CEO has not given any idea on the transaction amount while it is estimated that TR Capital has shelled out around $40 million. Still, the investor’s stake in the company is still not clear. Earlier it owned a little over 1% stake in the company. Among the seller stakeholders, IDG venture is discovered to have lowering its stake gradually over a period of time. The VC firm, still hodl holds a position in the company and it is estimated that it has already earned a 5 times return on tis investment that it made through two of its funding firms.
This investment is fifth biggest investment in the company. Other in the list are International Finance Corp which is the investment arm of World Bank and Adveq which is a Zurich based company.