India’s largest home-grown private equity firm, Kedaara Capital has invested over $55 million in Lenskart Solutions, the eyewear solution company.

As per the documents filed by Lenskart Solution with the Registrar of Companies (RoC), the company has issued 6.143 million Series F compulsorily convertible cumulative preference shares at a premium of INR 636.06 per share, to two entities- Kedaara Capital Fund-II and Mauritius registered Kedaara Norfolk Holdings.

Earlier this month, there were reports surfacing that Kedaara Capital was to acquire a stake in Lenskart via a deal from PremjiInvest and Chiratae Ventures. The deal was expected to take the company to the unicorn club and would have marked its value at $1Bn.

Last year in a deal led by TR Capital and Steadview Capital, a Hong Kong-based hedge fund, the value of Lenskart reached $495.5 Mn. The company had been aggressively expanding its portfolio through several tie-ups and investments. The company was also in talks with SoftBank Vision Fund to raise a funding of $350 million.

Kedaara Capital has previously backed companies like AU Small Finance Bank, Manyavar and Mahindra Logistics, among many. LEnskart is the investment firm’s first bet in the Indian technology sector.
Established in 2008 by Peyush Bansal and Amit Chaudhary, Lenskart sells its products both online and offline and has raised over INR 850cr. The company has over 500 retail stores across India and is planning to open 150 more by next year.