Wipro Chairman Azim Premji’s family office PremjiInvest is all set to invest Rs. 200 crores in the eyewear portal Lenskart of which limited portion will be sold by IDG Ventures India thus making a handsome amount of return through the deal. The respective deal got signed in Premji’s personal office in Delhi.
The entity through which the investment was made is PI Opportunities Fund-II, which has subscribed to the fair share of Rs. 65 crores in the current valuation of the company enclosed at Rs. 1,800 crores. The remaining shares will be used to buy shares from the venture capitalist firm. The deal was made in the presence of Ratan Tata, Infosys Co-Founder Kris Gopalakrishnan as well as Ronnie Screwala, who equally bought shares of Lenskart.
Earlier, IDG Ventures invested a whopping amount of 10 million USD in 2011 wherein the Chairman’s plan to transact certain capital thus picking up stakes was almost clear. PremjiInvest has invested in firms like Myntra, SnapDeal, etc. defining as a striking deal though it was later on acquired by Flipkart. Lenskart, on the other hand, has mopped Rs. 400 crores with the help of VC enterprises like WorldBank arm IFC, TPG Growth, Swiss firm Adveq, and very known IDG Ventures, in May.
According to Piyush Bansal, Founder, Lenskart, The reason why we raised capital from PremjiInvest even after closing our round in May is that they are very seasoned retail investors. “PremjiInvest can continue to be an investor even when we go public in the next 3-4 years.
PremjiInvest has invested in other consumer and retail brands like Fab India, Future Lifestyle Fashion. However, Lenskart is attentively building an omnichannel play to compete with the Tata Group’s Titan, which is eyeing to open and sell eyewear online. Although, the firm charges a franchise fee thus paying commission to the store owner over each purchase and sales. It plans to expand more than 400 stores by the end of 2016. At present, Lenskart has 200 stores where users can buy stuff or book orders with an option of card payment, COD, or pick up from the offline stores located everywhere in the country.