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.
Kedaara Capital is slowing new investments and tightening underwriting amid high private valuations, while accelerating exits. Notable 2025 retail-relevant moves include a ₹296 crore Lenskart OFS exit (5x return) and continued focus on consumer goods and financial services.