Lenskart Raises $200 Million from Temasek, Fidelity; Valuation Hits $5 Billion

Lenskart Raises $200 Million from Temasek, Fidelity; Valuation Hits $5 Billion

By Staff Writer, 24 June 2024

In a significant financial move, Temasek Holdings and Fidelity have collectively invested $200 million in Indian eyewear retailer Lenskart. This development was confirmed by Avendus, the financial adviser for the startup. The transaction has propelled Lenskart’s valuation to $5 billion, according to a message from the startup’s co-founder and CEO, Peyush Bansal, to TechCrunch.

The investment builds on Temasek’s previous funding in Lenskart and follows a substantial $500 million injection by the Abu Dhabi Investment Authority last year. The deal involved selling shareholders, although Avendus did not disclose their identities.

Founded 13 years ago, Lenskart is one of India’s largest eyewear retailers, offering a wide range of eyeglasses, sunglasses, contact lenses, and accessories. The company counts major investors such as SoftBank and Alpha Wave Global among its backers. Lenskart has gained a competitive edge by providing premium eyewear at affordable prices and is actively expanding its reach overseas.

In an earlier interview with TechCrunch, Bansal explained that Lenskart maintains low prices through increased efficiency, manufacturing its own eyewear, and holding exclusive licensing rights for various global technologies in India.

Lenskart operates across India, Southeast Asia, and the Middle East, selling products both online and through more than 2,500 stores, the majority of which are located in India.

Source: Manish Singh / TechCrunch

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