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Temasek and Falcon Edge Capital led a $ 220 million investment in Indian omnichannel eyewear retailer Lenskart, valuing the Bangalore-based startup at $ 2.5 billion.
The new investment, which includes primary and secondary transactions, is part of a new Lenskart cycle unveiled a month ago when it raised $ 95 million from global investment fund KKR. Bay Capital and Chiratae also participated in the new cycle.
Peyush Bansal, founder and CEO of Lenskart, said the profitable startup – which sells eyeglasses and contact lenses online and in around 750 physical outlets across the country – has seen an increase in product sales from eyewear during the pandemic year.
The startup, which counts SoftBank among its investors, sold around 8 million pairs of glasses last year.
Now the company, which claims to dominate the market in India, plans to expand its operations in Southeast Asia and the Middle East. The combined market opportunity for eyewear in these regions will be around $ 15 billion by 2025, the startup said, citing its own projections.
“We are already the biggest eyewear player in India and in the top 3 in Singapore. Lenskart envisions 50% of India to carry its specifications over the next 5 years and become the No.1 eyewear platform in Southeast Asia and the Middle East in the next 18-24 months through organic and inorganic expansion, ”he said.
According to industry estimates, over half a billion people in India suffer from poor vision and need glasses, but only 170 million of them have chosen to have their vision corrected.
The company also plans to deploy capital to expand its technology stack to create a more personalized experience for its customers. The startup, which recently launched the ‘Lenskart Vision Fund’, said it is also looking to invest in other, younger companies that operate in eyewear, eye care and omnichannel retail spaces. .
“We are delighted to join Peyush and his team on this adventure and look forward to working closely with the Lenskart team to help them grow their business internationally, especially in the MENA region,” said Navroz Udwadia, co-founder and partner of Falcon Edge Capital, in a report.
The new investment comes at a time when Indian startups are raising record capital and a handful of mature companies are starting to explore public markets. Zomato raised $ 1.3 billion last week in the first consumer tech IPO in the South Asian market in a decade.
Paytm, the pioneering digital payments startup, along with rival Mobikwik also filed for an IPO last week.
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