CCI approves Kedaara Capital’s Lenskart stake purchase

The Competition Commission of India has approved Kedaara Capital Fund III LLP’s 1.74% equity stake acquisition of eyewear business Lenskart Solutions, it announced in a Tweet. 

Kedaara Capital Fund III LLP is registered with the Securities and Exchange Board of India as an alternative investment fund and is part of the Kedaara Group, the Press Trust of India reported. Lenskart is backed by Japanese business SoftBank and describes itself as India’s leading eyewear business. 
 
Following its latest funding round which saw it raise $100 million from private equity firm ChrysCapital, Lenskart’s overall capital infusion in the past year reached $850 million in June this year, Your Story reported. Lenskart is continuing to expand its brick-and-mortar presence, both in India and internationally, and counts over 2,000 stores spread across 10 countries. 

Deals which have a value beyond a certain point can only go ahead with approval from the CCI. This is designed to ensure the upholding of fair business practices and to promote fair competition in the Indian marketplace. 
 
The CCI also recently announced its approval of the amalgamation of human health business Spaceway Wellness into Indira IVF. The CCI Tweeted that it has given the go ahead to the BPEA Private Equity Fund VIII’s Zonnebaars to acquire a majority stake in Indira IVF.