New Delhi, July 15 -- Temasek, one of the two Singapore government sovereign wealth funds active in India alongside larger peer GIC, has sold close to a third of its stake in a five-year-old investment made in India, harvesting nearly $200 million (Rs 1,924 crore).

The state investment firm, which is also charting out liquidity moves in fitness chain Cult.fit, hospital chain Manipal Health Enterprises, and the National Stock Exchange ahead of their public listings, has divested about 35.7 million shares in eyewear retailer Lenskart through MacRitchie Investments via open market transactions across multiple tranches through July 10, according to stock exchange disclosures.

MacRitchie Investments is likely to have generated around Rs 1,850-1,950 crore ($192-202 million) from the sale, according to VCCircle's estimates. The deal is estimated to have delivered a multiple on invested capital (MOIC) of around 6x and an internal rate of return (IRR) of 40-43% in rupee terms.

The latest sale adds to Temasek's previous harvest from Lenskart.

At the company's initial public offering (IPO) in November last year, Temasek divested nearly 7.9 million shares, or around a tenth of its holding at the time, through MacRitchie Investments. It encashed Rs 316 crore ($35.6 million) in the process. In July 2025, it sold shares worth Rs 24.8 crore ($2.9 million) to founder Peyush Bansal at a deep discount ahead of the company's IPO.

So far, the affiliate is likely to have harvested Rs 2,290 crore ($241 million). On a first-in-first-out basis, it has clocked a realised MOIC of 5.2x and an IRR of 40% in rupee terms, according to VCCircle's estimates. In US dollar terms, the IRR stands at about 34%, with a MOIC of just over 4x.

Temasek first picked up a stake in Lenskart in July 2021 as part of a secondary transaction involving US-based private equity firm TPG, secondary-focussed investor TR Capital, and the International Finance Corporation (IFC), the private sector investment arm of the World Bank Group. It infused Rs 730 crore as part of a larger $220-million funding round that also saw investment from Alpha Wave Global (then Falcon Edge). The firm later made a primary investment in 2022.

Two other Temasek affiliates - Jongsong Investment and V-Sciences Investments - acquired stakes through secondary transactions worth Rs 879 crore in May 2024. While V-Sciences has not reduced its stake so far, Jonsong Investment has encashed only a small portion of its holding, selling shares worth Rs 2.1 crore to Bansal. V-Sciences currently owns about 0.85% stake in Lenskart, while Jonsong Investment holds around 29.2 million shares, or about 1.67% stake. These entities are sitting on an unrealised upside of around 2.3x in two years.

Through its three entities, Temasek continues to hold 4.71% of Lenskart. Its remaining stake is valued at around Rs 4,432 crore ($460 million).

Founded in 2010 by Bansal, Amit Chaudhary and Sumeet Kapahi, Lenskart sells eyewear through its retail stores and website across India, Southeast Asia and the Middle East. The company went public in November at a valuation of nearly $8 billion.

Following the expiry of the post-IPO lock-in period in May, several investors have begun monetising their holdings. Last month, Japanese technology investor SoftBank sold about a quarter of its stake, pocketing Rs 2,873 crore (about $300 million). Abu Dhabi Investment Authority (ADIA) also sold a 2.3% stake for Rs 1,960 crore ($234 million) through block deals.

Published by HT Digital Content Services with permission from VC Circle.