ChrysCapital is in Talks to Invest Around $100 Million in Eyewear Lenskart

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Nascence Wave Global may also join ChrysCapital in the ongoing backing round.   Further, Lenskart’s total ongoing backing round would reach $ 500 Mn if ChrysCapital chooses to write a cheque. Also, the ongoing backing round would give partial exits to early backers  similar as SoftBank, Kedaara Capital and TR Capital, among others. Last month, it was extensively reported that early backers in Lenskart were looking for exits during the ongoing backing round.

The backing round was reported in December 2022, with the Abu Dhabi Investment Authority( AIDA) said to be investing$ 400 Mn in the eyewear brand. Kedaara Capital holds about a 9 stake in Lenskart, while SoftBank and Premji Invest enjoy 19 and 10.4, independently. SoftBank is the eyewear brand’s single largest investor, having joined the captable in 2019. Apropos, the ongoing round is substantially a secondary share  trade, which means that Lenskart wo n’t get the utmost of the investment.

Lenskart’s total  profit rose 56.7% to INR 1532 Cr in FY22 from INR 1023Cr in FY21, while profit from operations surged 66 to INR 1104 Cr from INR 905.3 Cr in FY21. About 94% of Lenskart’s FY22 profit came from the trade of eyewear products while the rest was from subscription freights and other sources. Last June, the eyewear brand acquired Japanese eyewear brand OWNDAYS in a deal reportedly worth around $ 400 Mn. The Delhi-grounded company also launched a Thrasio-style eyewear-concentrated ecommerce rollup adventure, Neso Brands.   Neso Brands raised $ 100 Mn in India’s largest seed backing round ever, shortly after being set up by Lenskart author Peyush Bansal.

The ongoing round is largely a secondary share trade where stocks will change hands from being to new investors and the money won’t go into the company’s  resources. The round may have a small primary capital infusion, sources said. The investment is taking place at a valuation of $4 billion. Lenskart author and principal  superintendent Peyush Bansal didn’t respond to ET’s dispatch on the backing. A prophet for ChrysCapital declined to comment. A dispatch transferred to Alpha Wave Global did not evoke any response till press time Wednesday.