Indian billionaire businessman Ratan Tata, who is also known for his investments in the country’s burgeoning startup ecosystem, is reportedly set to make an exit from one of the companies with a massive profit.
According to an Entrackr report, Tata will see a 28 times return on his investment of ₹10 lakh in eyewear retailer Lenskart from 2016. However, sources close to Tata have confirmed to Business Insider that the return on his investment would be 4.6 times.
Tata has investments in over 20 Indian startups in his personal capacity including the likes of Ola, Ola Electric, Cure. fit, FirstCry, Urban Company. According to Hurun Rich List, Tata’s net worth is ₹6000 crore.
The Entrackr report said that Tata’s stake in the company, the details of which is not known, will be taken over by an existing investor in the startup.
The startup, which became a unicorn (a firm with a valuation of over a billion dollars) in December 2019 after a $231 million investment from Japanese firm SoftBank, is also reportedly headed for an initial public offering (IPO). It is also backed by investors including Kedaara Capital, Premji Invest, Chiratae Ventures among others.
Business Insider tried reaching Lenskart for comments on the story. The copy will be updated with their responses if and when we receive the same.
Founded in 2008, by Peyush Bansal, Sumeet Kapahi and Amit Chaudhary, Lenskart had rapidly expanded with multiple stores. It has over 535 stores across the country.
Lenskart which has had its fair share of troubles along the way with losses mounting, had recently turned profitable.