Alpha Wave Exits Lenskart, Selling Stake Worth ₹1,313 Crore

Alpha Wave Global has announced plans to sell Lenskart shares valued at up to ₹1,313 crore ($137 million). The investment firm is offering approximately 1.2% of the company's outstanding equity through its Alpha Wave Ventures II LP fund. This transaction sees Alpha Wave Ventures II LP divesting its entire stake in the eyewear retailer.

The sale follows a pattern of existing investors cashing out, including SoftBank and Temasek, who have recently sold substantial stakes. This activity occurs while Lenskart's stock is experiencing record highs. The company reported a significant 273% year-on-year increase in net profit for the quarter ending June, reaching ₹228 crore.

Lenskart's operational revenue saw a 43.3% increase to ₹2,714.18 crore, with international revenue growing by 38%. The company has also expanded its global presence by incorporating a new subsidiary in China to focus on eyewear and optical products.

Alpha Wave Global, previously known as Falcon Edge Capital, had initially invested in Lenskart in July 2021 as part of a $220 million funding round. The investment firm will maintain a stake through another fund, Alpha Wave Ventures LP.