3rd June 2024- Singapore’s Temasek and US-based Fidelity have infused $200 Mn into Lenskart, an omnichannel eyewear unicorn, doubling down on Temasek’s existing investment while adding Fidelity to the cap table. The transaction, valuing Lenskart at $5 Bn, follows reports of discussions between the investors for a secondary share sale.
Over the last 18 months, Lenskart has attracted nearly $1 Bn in capital, solidifying its position as one of the largest growth stage startups. This investment underscores the disruptive model of Lenskart and anticipates its forthcoming IPO, according to Neeraj Shrimali of Avendus Capital.
Founded in 2010, Lenskart, led by Peyush Bansal, boasts a customer base of 20 Mn in India and operates over 2,500 stores globally. With expansions in India, Southeast Asia, and the Middle East, Lenskart has been on a rapid growth trajectory.
In FY23, Lenskart reported sales of INR 3,788 Cr, primarily from eyewear products, marking a significant increase from the previous fiscal year. Despite the challenging late-stage funding landscape, Lenskart’s latest fundraising highlights investor confidence in its business model and growth prospects.
Conclusion
Temasek and Fidelity’s investment in Lenskart reaffirms its status as a key player in the omnichannel eyewear industry, poised for further expansion and success.
Source:Link
