In a significant move within India’s retail landscape, Lenskart, a leading eyewear retailer and unicorn, has successfully secured $200 million in secondary investment. The funding round saw increased participation from existing investor Temasek and welcomed new investor Fidelity Management & Research Company (FMR). Following this infusion, Lenskart’s valuation is anticipated to soar to approximately $5 billion.
This substantial funding round marks a doubling down by Temasek on its prior investment in Lenskart, with Fidelity Management & Research Company (FMR) making its debut on the company’s captable. Lenskart’s latest capital raise brings its total funding over the past 18 months to nearly $1 billion, positioning it among the most extensively financed growth-stage ventures worldwide.
In its preceding funding endeavor in 2023, Lenskart successfully raised $100 million from private equity firm ChrysCapital.
Under the leadership of Peyush Bansal, Lenskart, headquartered in Gurugram, India, is aggressively expanding its footprint within the country and advancing its international presence across Asia, particularly in Southeast Asia and the Middle East. Leveraging its click-and-mortar business model, Lenskart delivers an omnichannel shopping experience through online platforms, mobile applications, and brick-and-mortar stores.
Presently, Lenskart operates a network exceeding 2,500 stores, with approximately 2,000 outlets situated in India alone.
Avendus Capital acted as the exclusive financial advisor to Lenskart and its selling shareholders throughout this transaction.
According to a statement released by Avendus on its official website, Lenskart continues to exhibit robust growth and consistent profitability.
Neeraj Shrimali, Managing Director and Co-Head of Digital and Technology Investment Banking at Avendus Capital, expressed enthusiasm, stating, “We are thrilled to once again collaborate with Peyush and the Lenskart team. Lenskart has established itself as one of the most resilient businesses with its omnichannel approach, extensive backward integration, and unwavering dedication to customer satisfaction. The participation of esteemed global investors underscores the distinctiveness of Lenskart’s disruptive model and highlights the anticipation surrounding one of India’s most eagerly awaited IPOs in the years ahead.”
Shrimali further emphasized the sustained interest of investors in late-stage technology companies, underscoring the vibrancy and allure of India’s consumer technology landscape.
