Lenskart raising Rs 392 Cr from Kedaara Capital in ongoing Series F round

TR Capital, Adveq Asia, IFC, PI Opportunity Fund, Steadview Capital, ABG Capital and LTR Focus Fund will now have stakes via equity. IDG Ventures …

Only a handful of niche e-commerce companies have been able to survive and thrived in India. Apart from Myntra (owned by Flipkart), FirstCry and Nykaa, eyewear retailer Lenskart has emerged as strong players in vertical focused e-commerce play.

The Faridabad-based company is reportedly close to turning a Unicorn with Kedaara Capital backing.

While we aren’t sure about its valuation, the company is receiving at least Rs 392 crore from the Mumbai-based private equity firm. According to documents filed with MCA, Lenskart had passed a special resolution to issue, and allot 61,43,623 Series F CCPS to Kedaara Capital at Rs 638.06 per share.

The Series F round for the company has come amidst its negotiation with SoftBank for $350 million worth fresh round.

An ET report had outlined that Kedaara Capital would pick up secondary shares of existing investors such as Chiratae and Premji Invest by investing around $100 million. The company slated to hit a valuation of about $1 billion after the secondary deal.

However, Entrackr couldn’t find documents at RoC supporting the secondary transaction. Later, it might buy secondary shares as well. During its Series E round, it was valued in the range of $460 to 470 million.

Besides selling online, Lenskart has close to 500 stores and ships around 4,00,000 eyewear units per month. It follows the franchise model in offline parlance. With this round, the firm has raised over $160 million across several institutional rounds consisting of primary and secondary transactions.

RoC filings further state that the company had issued more than 5 crore bonus shares to existing investors last month. It converted more than half of CCPS Class 1 share into equity shares with a conversion ratio of 10:1. Moreover, it’s also converting the Series D CCPS held by International Finance Corporation (IFC) into equity shares at a 1:1 conversion ratio.

TR Capital, Adveq Asia, IFC, PI Opportunity Fund, Steadview Capital, ABG Capital and LTR Focus Fund will now have stakes via equity. IDG Ventures (now Chiratae Ventures) and Unilazer Ventures are early backers of Lenskart.

While the company is yet to disclose its financial performance in FY19, it controlled losses by 55% to Rs 118.04 crore in FY18 from Rs 262.87 crore in the preceding fiscal. Lenskart’s revenue had recorded a 70% jump to Rs 310.98 crore from Rs 182.02 crore in FY17.

With the growth in topline and likely reduction in losses, Lenskart is expected to display more financial discipline in FY19 as well as in ongoing fiscals.

Almost nine-year-old firm Valyoo Technologies had three products Bagskart, Jewelkart and Watchkart. However, the company shut down the three to focus on Lenskart at the beginning of 2015. It seems that the four-year-old call by the co-founders — Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi to dedicate resources and capital on building Lenskart has paid off well.

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New course to promote digital enterprise management

New course to promote digital enterprise management … professionals with working knowledge of emerging technologies and acclaimed practices.

Taking an initiative to promote digital enterprise management, the Indian Institute of Management, Udaipur, has launched the first-ever master’s programme in the field to equip professionals with working knowledge of emerging technologies and acclaimed practices.

Advisory board

The institute has also set up an Academic Advisory Board for developing the new course.

The curriculum for the 12-month residential course has been prepared in consultation with industry experts. IIM-Udaipur director Janat Shah told The Hindu on Sunday that the curriculum would enable professionals to work efficiently in the emerging digital business enterprises where conventional management concepts and leadership styles were no longer relevant.

The IIM-Udaipur has signed memorandums of understanding with some leading companies for collaboration in educating its students in digital knowledge. Prof. Shah said this approach would help bridge the gap between academia and industry and give an opportunity to the students to get a jump-start and enter the workforce with the relevant experience.

“Since the industries are ahead of us, an association with them will train our students — who will be professionals with three years’ experience — in the organisational behaviour and strategies across disciplines as well in the analytics-related subjects and new technologies related to digital transformation,” Prof. Shah said.

More MoUs are in the pipeline for collaborations focused on strategic and practical challenges of managing digital enterprises.

“For instance, IBM will give students relevant exposure to leading-edge technologies, including artificial intelligence and advanced analytics, and provide a platform for short-term projects in the digital space,” said the IIM-Udaipur director.

The IIM-Udaipur, established in 2011, is currently ranked fifth in India for research in the field of management, according to the methodology used by the University of Texas at Dallas. The institute has established a Centre for Digital Enterprise to create an environment for thought leadership in digital transformation and expand research opportunities in the field.

Begins in April, 2020

Prof. Shah said the IIM-Udaipur’s Board of Governors had formally approved setting up of the Academic Advisory Board at its meeting held over the weekend. The new master’s programme, for which admissions have started based on GMAT/GRE score, will begin in April 2020.

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Taxi companies ask BC court to toss out rules governing Uber, Lyft operations

Prior to setting the conditions, the board consulted with Vancouver taxi companies, the Vancouver Port Authority, Vancouver Airport Authority, Uber …

Sep 7, 2019

3:10 PM EDT


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Canara Bank seeking EOIs from prospective buyers

PE firms like Baring Private Equity Asia, Warburg Pincus, KKR, True North, Bain Capital, Temasek and Blackstone had shown interest in the stake.

MUMBAI :Canara Bank on Friday said that the bank is seeking expressions of interest from prospective buyers to purchase 30% stake in Can Fin Homes Ltd. In a notice to the exchanges, the bank said that it intends to divest 3.9 lakh equity shares of the face value of Rs. 21 each.

The bank has also engaged a reputed advisory firm to carry out the legal due diligence on Can Fin Homes and submit a report that shall be shared with the prospective buyer for submitting the final binding bid document, the notice said.

In June this year, the south based bank had received board approval to sell part or full stake in the housing finance company.

Last year, Canara Bank had called off move to divest its entire shareholding in housing finance subsidiary Canfin Homes after receiving lower than expected price quotation.

PE firms like Baring Private Equity Asia, Warburg Pincus, KKR, True North, Bain Capital, Temasek and Blackstone had shown interest in the stake. Strategic investors such as Kotak Mahindra Bank, RBL Bank and HDFC Ltd were also in the race to pick up the stake. Asia-focussed buyout fund Baring and HDFC were the two contenders that had submitted binding offers.

Can Fin Homes has a pan India network of 132 branches, 20 Affordable Housing Loan Centres (AHLCs) and 20 satellite offices with customer base of over 1.2 lakh.

Canara Bank holds a 29.99% stake in the publicly listed home finance company. The Singapore sovereign wealth fund GIC Pte. Ltd owns a 13.45% stake, which it had bought in March 2017 from Canara Bank for 753.77 crore.

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Nifty outlook & top investment bets by Naveen Kulkarni, Reliance Securities

After rallying for three straight days, equity market once again slipped into the negative territory on Wednesday as fears of global recession kept …

SI Reporter | New Delhi Last Updated at August 29, 2019 10:05 IST

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