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Lenskart in new fund-raising round

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Omichannel eyewear retailer Lenskart is reportedly on a fund raising spree, with private equity group KKR considering a $250-300 million injection, according to media reports quoting unnamed sources.

Lenskart is looking to raise secondary capital of $200-220 million at a valuation of about $2.3 billion, which may lead to a profitable exit for early-stage investors such as TPG Growth, which will have earned 6X returns in under five years.

Lenskart currently has 700-plus stores across India. The flagship retail entity — Lenskart Solutions Pvt Ltd — turned profitable in FY20 with a profit of Rs 18 crore on revenues of Rs 964 crore.