June 3, 2024: Lenskart has secured $200 million in secondary investment, as it continue to accomplish new goals and expansion plans. The company has rapidly grown its business reaching out to over 1,00,000 customers a month through a unique combination of a strong online business and uniquely designed physical stores.
The Eyewear brand was founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal and Sumeet Kapahi. In 2019, the eyewear brand joined the ranks of India’s unicorn club. Its investor portfolio boasts SoftBank, Alpha Wave Global, Temasek, KKR, Kedaara Capital and TPG, among others.
Lenskart has raised nearly $1 billion in investment over the last 18 months, the company said in a statement. Temasek had earlier participated in a $220-million funding in 2021. Fidelity has onboarded Lenskart’s cap table with the latest cash infusion.
Lenskart Investors excited about its vision for growth
“This investment by renowned global investors underscores the uniqueness of Lenskart’s disruptive model and highlights the excitement surrounding one of the most anticipated IPOs in India in the coming years. We are excited about what lies ahead for Lenskart and Peyush [Bansal],” said Neeraj Shrimali, Managing Director and Co-head of Digital and Technology Investment Banking, Avendus Capital.
The fresh round of investment was raised from Temasek and Fidelity Management and Research Company. Avendus Capital was the exclusive financial advisor to Eyewear and its selling shareholders on this transaction.
The Eyewear brand operates through 2,500+ stores of which ~2,000 are in India. In the last fiscal, the eyewear brand attracted $100 million in funding from private equity firm ChrysCapital.
Lenskart had reported losses in FY22, even after it clocked a 66 percent jump in revenue. The eyewear startup declared a loss of Rs 102 crore for the year, against a profit of Rs 28 crore in the previous financial year.
