The investment comes ahead of Lenskart’s initial public offering, which is expected to open for public subscription next week.
The eyewear retailer is looking to raise Rs 2,150 crore through a fresh issue of shares. Moreover, promoters and investors would lose 13.22 crore shares, according to the Draft Red Herring Prospectus (DRHP).
As part of the OFS, promoters – Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi; investors – SVF II Lightbulb (Cayman) Ltd, Schroders Capital Private Equity Asia Mauritius Ltd, PI Opportunities Fund – II, Macritchie Investments Pte. Ltd., Kedaara Capital Fund II LLP and Alpha Wave Ventures LP would divest shares.
Lenskart proposes to use the IPO proceeds for various strategic initiatives, including capital expenditure for setting up new company-operated CoCo stores in India; payments related to lease, rental and licensing agreements for these CoCo stores; investments in technology and cloud infrastructure; brand marketing and business promotion to increase brand awareness; potential unidentified inorganic acquisitions; and general business purposes.
One of India’s largest omni-channel eyewear retailers, the company offers a wide range of affordable and fashionable prescription glasses, sunglasses and contact lenses through its online platform and extensive retail network. Founded in 2008, Lenskart started as an online eyewear platform in 2010 and opened its first physical store in New Delhi in 2013. Over the years, it has become one of the country’s most prominent consumer brands in eyewear. category.
The company has a presence in metro, Tier-1 and Tier-2 cities along with international operations in Southeast Asia and the Middle East.
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