Kedaara taps brakes on new bets, harvests Lenskart at 5x as valuations stay frothy
The $6.5B AUM PE firm is tightening underwriting and accelerating exits, booking a ₹296 crore Lenskart OFS at 5x return. Consumer and financial services remain core, but Kedaara is signaling that India's private valuations have run ahead of fundamentals as Q1 2026 M&A slumps to $6.9B from $17B.
What happened
Kedaara Capital is slowing new investments and tightening underwriting amid high private valuations, while accelerating exits. Notable 2025 retail-relevant
Key facts
- ₹296 crore Lenskart OFS
- 5x return
- 26.47% Aavas stake
- $6.5 billion AUM
- ₹750 crore for 5% Axis Finance
- ₹3,500-4,000 crore Tynor valuation
- Q1 2026 M&A $6.9 billion vs $17 billion
Why this matters
With M&A volume halved YoY and PE sellers willing to clear inventory at 5x, this is the window to revisit stalled targets where sponsors are now motivated.