Checkout Budget Highlights 2023Private equity (PE) fund ChrysCapital is in talks to invest around $100 million or Rs 828 crore in Softbank-backed eyewear retailer Lenskart, according to a report by the Economic Times. If finalised, this would be among the largest investments in a new-age entity by ChrysCapital, which has backed internet firms such as Dream11, FirstCry, and Xpressbees.
The investment is taking place at a valuation of $4 billion. Discussions on picking up a stake are ongoing, and the investment is yet to close. If the PE firm joins the financing round, it would take the total ongoing funding round at Lenskart to around $500 million, where early investors like SoftBank Vision, Kedaara Capital, and TR Capital are looking for a partial exit.
Moneycontrol could not independently verify the report.
Existing backer Alpha Wave Global, formerly Falcon Edge, may also take part in the current financing by purchasing more shares, the report added. The ongoing round is largely a secondary share sale where stocks will change hands from existing to new investors.
The business daily reported earlier that Abu Dhabi Investment Authority (ADIA) is in advanced discussions with Lenskart and its existing shareholders to invest $350-400 million in the New Delhi-based firm.
"ChrysCapital has held talks to join the round now which will increase the total round size significantly," one person who is aware of the matter said.
Lenskart was last valued at $4.5 billion after closing a $200 million primary funding round in July last year, as per the report.
Over the past few years, Lenskart has conducted secondary share sales to pave the way for partial exits to investors like Chiratae Ventures and others. Since inception in 2010, Lenskart has raised a total of $1.06 billion, including through secondary share sales, according to Tracxn -a data platform for privately held startups.