Money Control
 
SoftBank-backed Lenskart, an omnichannel eyewear startup preparing to go public later this year, has acquired an 80 percent stake in the Spanish company Stellio Ventures, which operates the brand Meller, as the Gurugram-based firm looks to increase its focus on Gen Z and Millennial customers.
 
Lenskart will pay Rs 406.4 crore in exchange for 80 percent ownership in Stellio, assuming an exchange rate of EUR 1 = Rs 97.97.
 
The company, however, added that the deal size can go up to Rs 572 crore.
 
The total amount comprises Rs 230 crore payable to the investors shareholders of Stellio Ventures S.L. and Rs 176 crore payable to the investors shareholders of Stellio Ventures S.L.
 
“...and Rs 166 crore payable to the founders of Stellio Ventures S.L., including a fixed and deferred component,” Lenskart said in its draft red herring (DRHP) prospectus filed on July 29.
 
The transaction is subject to completion and regulatory approvals. Stellio markets a range of fashion sunglasses as well as related accessories direct-to-consumers under the “Meller” brand.
 
To be sure, over 80 percent of Lenskart’s revenues come from optometric eye care, which includes prescription glasses, contact lenses and more. The remaining comes from accessories and lifestyle products like sunglasses and more.
 
Stellio was profit-making under Spanish GAAP for the Calendar Year 2024.
 
With the help of this acquisition, Lenskart said it plans to “introduce a new sub-brand within our portfolio, focused on Gen Z and Millennial customers.”
 
It also strengthens our offering in the sunglasses category for our customers and further strengthens our social media brand building and online e-commerce capabilities, among other benefits, the company said in its DRHP.
 
The acquisition of Stellio, further cements Lenskart’s playbook. The company has been acquiring companies like Owndays, Ajna Lens and others in the past, according to filings.