One of the top businessmen of India, Ratan Tata, is planning to exit one of the companies that he has invested in for the last 5 years.
Additionally, sources close to Tata have stated that the return on his investment would be huge, as much as about 4.6 times!
Which startup is this? And why is Tata making an exit from this startup? Read on to find out!
Ratan Tata To Exit Lenskart With 5X Profit From Its Investment
Ratan Tata, a top billionaire of India, who is known for his investments in the startups of India, will be exiting the eyewear retailer Lenskart. Tata has a net worth of Rs. 6000 crore, as per Hurun Rich List
The investment by Tata in this startup was Rs. 10 lakh in 2016, and the return on this investment will be 28 times. However, sources that are close to Tata have stated that the return on this investment will be 4.6 times.
Tata already has an investment in multiple startups that are on the horizon of progress, which includes Ola, Ola Electric, Cure.fit, FirstCry, Urban Company. It also has investments in weather forecaster ClimaCell, new and used car platform CarDekho, fitness firm CureFit, Silicon Valley-based bitcoin startup Abra and smartphone manufacturer Xiaomi.
Stakes Of Lenskart To Be Taken Over By Existing Investors
The stake of Tata in Lenskart will now be taken over by an existing investor in the startup. One of the sources close to the development has stated, “This secondary will be executed at a valuation of over $2 billion.” This transaction will most probably be completed by next month.
Lenskart has become a unicorn in December 2019, which was possible because of the investment of $231 million from Japanese firm SoftBank. Lenskart is reportedly going for an initial public offering (IPO). The startup has also been backup up by multiple investors including Kedaara Capital, Premji Invest, Chiratae Ventures among others.
Lenskart was founded on 2010 by Peyush Bansal, Sumeet Kapahi and Amit Chaudhary and has more than 535 stores across India.