Eyewear retailer Lenskart has successfully raised $200 million in a secondary investment round, attracting funds from Temasek and Fidelity Management & Research Company (FMR). This investment sees Temasek doubling its stake in Lenskart, while Fidelity makes its debut on the company’s cap table.
According to Avendus Capital, which advised on the transaction, this funding brings Lenskart’s total capital raised to nearly $1 billion over the past 18 months. The latest investment values Lenskart at over $5 billion, a significant increase from its $4.5 billion valuation following a $100 million funding round in June of last year. The company also secured substantial secondary funding in March 2023.
Lenskart, led by Peyush Bansal, has expanded its presence beyond India, establishing a strong foothold in international markets including Southeast Asia and the Middle East. The company boasts more than 2,500 stores worldwide, with approximately 2,000 located in India.
In recent years, Lenskart has invested in various brands through Neso Brands and TangoEye, including GeoIQ, Owndays, and Le Petit Lunetier. Singapore-based Neso Brands, a subsidiary of Lenskart, raised $100 million in seed funding in May 2022.
Financially, Lenskart reported a significant increase in revenue from operations, reaching Rs 3,788 crore in FY23, up from Rs 1,502 crore in FY22. The company’s strategic scaling and controlled expenditure led to a reduction in losses by 37.3%, down to Rs 64 crore in FY23 from Rs 102 crore in FY22.
Lenskart primarily generates revenue from the sale of eyewear, with collections from India accounting for 59% of its total revenue. The remaining income is derived from international operations in markets such as Singapore, Dubai, the US, and Southeast Asia.
This latest investment underscores Lenskart’s robust growth and the strong confidence investors have in its business model and market potential.
