Kedaara II Continuation Fund Seeks CCI Nod for Internal Share Transfer in Lenskart

New Delhi, August 5, 2025 – Kedaara II Continuation Fund has submitted a proposal to the Competition Commission of India (CCI) to approve an internal shareholding transfer in Lenskart Solutions Limited. The transaction aims to extend the holding period of the group’s investment in Lenskart. The existing fund is nearing the end of its lifecycle.

Deal Overview

The proposed combination involves the transfer of Lenskart shares from current holders within the Kedaara group to Kedaara II Continuation Fund, a newly established investment vehicle under the same group. This intra-group restructuring is categorised as an acquisition of shares under the Competition Act and does not involve any change in control.

The proposed transaction involves Kedaara II Continuation Fund, a Category II Alternative Investment Fund based in GIFT City, acting as the acquirer. The fund will acquire shares of Lenskart Solutions Limited, an unlisted Indian company known for its presence in the manufacturing and retailing of eyewear.

Purpose of the Transaction

The objective is to ensure continuity in ownership as the seller fund approaches maturity. By transferring shares to a newly launched fund within the same sponsor group, the investment team can maintain control and oversight over Lenskart without external dilution.

Market Context

The acquirer does not directly participate in the eyewear sector, while the target, Lenskart, operates as a leading eyewear brand with a significant footprint in manufacturing and omnichannel retail. While the transaction leads to horizontal overlap in eyewear markets, it does not result in any adverse competition concerns due to its internal nature.

Regulatory Framing

The combination falls under the category of internal reorganization and is not expected to impact market structure or consumer choice. The shareholding realignment is aimed purely at fund lifecycle management and does not entail any new acquisition of control from outside entities.

About Lenskart Solutions

Lenskart Solutions Limited is India’s leading eyewear brand, offering high-quality glasses, lenses, and sunglasses at affordable prices. With a tech-driven approach and over 2,000 stores, it delivers a seamless online and offline shopping experience. The brand is redefining vision care through innovation, convenience, and style.

Lenskart is gearing up for its IPO, aiming to raise ₹2,150 crore through a fresh issue. The company turned profitable in FY25, posting ₹297 crore in profit on ₹6,653 crore revenue. Over 13 crore shares will also be sold via an offer for sale by early investors like SoftBank. Its DRHP highlights rising eye health concerns and Lenskart’s ambition to go global from India.

About Kedaara Capital 

Kedaara is a leading private equity firm investing in high-growth Indian businesses with substantial value creation potential. Backed by an experienced team and seasoned operators, the firm builds long-term partnerships with entrepreneurs and management teams.

REF: https://www.cci.gov.in/images/summaryorders/en/summary1754310409.pdf

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