SoftBank-backed Lenskart, an omnichannel eyewear startup preparing to go public later this year, has acquired an 80 percent stake in the Spanish company Stellio Ventures, which operates the brand Meller, as the Gurugram-based firm looks to increase its focus on Gen Z and Millennial customers.
Lenskart will pay Rs 406.4 crore in exchange for 80 percent ownership in Stellio, assuming an exchange rate of EUR 1 = Rs 97.97.
The company, however, added that the deal size can go up to Rs 572 crore.
The total amount comprises Rs 230 crore payable to the investors shareholders of Stellio Ventures S.L. and Rs 176 crore payable to the investors shareholders of Stellio Ventures S.L.
“...and Rs 166 crore payable to the founders of Stellio Ventures S.L., including a fixed and deferred component,” Lenskart said in its draft red herring (DRHP) prospectus filed on July 29.
The transaction is subject to completion and regulatory approvals. Stellio markets a range of fashion sunglasses as well as related accessories direct-to-consumers under the “Meller” brand.
To be sure, over 80 percent of Lenskart’s revenues come from optometric eye care, which includes prescription glasses, contact lenses and more. The remaining comes from accessories and lifestyle products like sunglasses and more.
Stellio was profit-making under Spanish GAAP for the Calendar Year 2024.
With the help of this acquisition, Lenskart said it plans to “introduce a new sub-brand within our portfolio, focused on Gen Z and Millennial customers.”
It also strengthens our offering in the sunglasses category for our customers and further strengthens our social media brand building and online e-commerce capabilities, among other benefits, the company said in its DRHP.
The acquisition of Stellio, further cements Lenskart’s playbook. The company has been acquiring companies like Owndays, Ajna Lens and others in the past, according to filings.
IPO details
Lenskart's acquisitions come in the run up to its IPO.
The IPO will comprise of fresh issuance of shares worth Rs 2,150 crore, and an offer-for-sale of 13.2 crore equity shares by existing shareholders.
Investors like SoftBank-backed SVF II Lightbulb (Cayman) Limited, Premji Invest-backed PI Opportunities Fund II, Temasek-affiliated Macritchie Investments, Kedaara Capital Fund II, Alpha Wave Ventures LP, and Schroders Capital Private Equity Asia Mauritius, will be the selling shareholders in the offer-for-sale (OFS).
ALSO READ: IPO-bound Lenskart's founders to together draw Rs 12 crore in annual salaries
Individual shareholders and promoters – Peyush Bansal (2 crore shares), Neha Bansal (57.4 lakh), Amit Chaudhary (28.7 lakh), and Sumeet Kapahi (28.7 lakh) – will also be offloading shares in the OFS.
Promoters hold 19.96 percent stake in the company, and the remainder 80.04 percent shares are owned by public shareholders including above-mentioned investors.
The company clocked a robust 33% Revenue CAGR over last 2 years, reaching Rs 6,524 Cr in FY25 with 60% contribution from India and the remaining from international markets. Lenskart has a high gross margin of 69% with around 500 bps expansion over last two years, the DRHP showed.
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