Lenskart, ShopClues may go for IPO in next 2 years: Ronnie Screwvala
Media baron and private equity investor Ronnie Screwvala, who holds stakes in Lenskart and ShopClues, said both the firms may go for an IPO in the next two years
Hyderabad: Media baron and private equity investor Ronnie Screwvala, who holds stakes in Lenskart and ShopClues, on Wednesday said both the e-commerce firms may go for Initial Public Offering (IPO) in the next two years.
Screwvala also said, Lenskart, an eyewear products seller, which is expected to clock Rs600 crore revenues this year may get into operational profits from this month onwards. “Lenskart, we hope to take it to public...ShopClues, we hope to take it to public. There is no time-table (for an IPO). But I would say in the next two years. I made about Rs100 crore in Lenskart for 18% (stake). ShopClues is much lower...It is about 4.5%.
“Lenskart may make profits from this month onwards. Today, it makes Rs50 crore a month revenue and Rs600 crore a year revenue,” the movie maker told PTI on the sidelines of Global Entrepreneurship Summit-2017 being held in Hyderabad.
Screwvala invested Rs100 crore and holds 18% stake in Lenskart, while he put in Rs40 crore for about 4.5% stake in ShopClues.
Lenskart, which has both online and offline presence, has till date raised around Rs700 crore from various sources, with private equity firm TPG Global being one of the lead investors.
Founded in 2011, ShopClues has over six lakh merchants. With over 28 million listed products, it gets more than 72 million monthly visits on its platform. Total revenue from the operations grew 11.7% to Rs180.30 crore in 2016-17, from Rs161.40 crore in the preceding fiscal.
“I invested about Rs350 crore in about 14 ventures. I am not doing any more (investment) now. This is my personal money. I have a longer position on it (the investments),” he said when asked about the exit from investments.
He said Netflix has partnered with his company RSVP to release Bollywood project Love Per Square Foot, starring Masaan actor Vicky Kaushal.
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