Kedaara, others explore part exit from Lenskart

Lenskart's early backers, including Premji Invest, Kedaara Capital, TR Capital, and SoftBank, are seeking to sell a portion of their stake to Abu Dhabi Investment Authority, five people with direct knowledge of the development said.

- Ranjani Raghavan & Sneha Shah

The secondary transaction values the eyewear retailer at around $3.5-3.7 billion, a discount to the company's primary valuation of $4.5 billion, the people said, requesting anonymity.

"Of the around $400 million investment round by ADIA, almost $350 million is going to come through a secondary share sale in which investors such as Kedaara, Premji, TR and SoftBank will look to partly cash out," said the first of the five people cited above. There will also be $75-100 million of primary funding as part of the round.

To date, Lenskart has raised more than a billion dollars in equity investment from investors across 19 rounds, data from Tracxn shows. It counts Alpha Wave Global (formerly Falcon Edge), KKR, Temasek, Bay Capital and Chiratae, among others, as its investors.