Retailer of eyewear Lenskart has raised $200 million from Fidelity Management & Research Company (FMR) and Temasek as a secondary investment. With this investment, Fidelity enters the cap table and Temasek increases its stake in Lenskart.
According to Avendus Capital, which served as the transaction’s advisor, Lenskart has drawn in almost $1 billion in funding over the last 18 months as a result of this deal.
It is highly likely that Lenskart’s secondary fundraising raised more than $5 billion in value. In June of last year, the company led by Peyush Bansal raised $100 million, valuing it at the time at $4.5 billion. In March of last year, the business also secured the biggest secondary financing round.
In addition to expanding into India, Lenskart has also increased its market share in other foreign regions like Southeast Asia and the Middle East. Approximately 2,000 of the company’s purported more than 2,500 stores are located in India.
Over the previous few years, Lenskart has also made investments through Neso Brands and TangoEye in brands like Owndays, GeoIQ, and Le Petit Lunetier. A division of Lenskart, Neso is headquartered in Singapore and raised $100 million in seed money in May 2022.
In FY23, Lenskart’s operating revenue jumped to Rs 3,788 crore from Rs 1,502 crore in FY22. The company’s losses were lowered by 37.3% to Rs 64 crore in FY23 from Rs 102 crore in FY22 thanks to its reasonable scale and cost control.
The sale of eyeglasses was Lenskart’s main source of income; 59% of its total revenue came from collections sourced from India. International operations in nations like Singapore, Dubai, the US, and Southeast Asia provided the remaining revenue.
Bansal recently stated that in order to build a massive factory, the company is looking to purchase land close to the Bengaluru airport.
