Lenskart raises $200 million from Temasek, Fidelity at $5 billion valuation

Mumbai, June 3 (IANS) Eyewear retailer Lenskart has raised $200 million in secondary investment from global investment firms Temasek and Fidelity Management & Research Company (FMR), it was announced on Monday.
After this transaction, Peyush Bansal-led Lenskart has attracted close to $1 billion in capital over the last 18 months, making it one of the largest growth-stage financings globally, the startup’s financial advisor, Avendus Capital, said in a statement.

With this funding, Lenskart’s market valuation has touched $5 billion.

“Lenskart has built one of the most defensible businesses with an omnichannel experience, deep backward integration, and a steadfast commitment to customer satisfaction,” said Neeraj Shrimali, MD and Co-Head, Digital and Technology Investment Banking, Avendus.

The investment marks Temasek doubling down on its existing investment in Lenskart, while FMR joins the cap table.

Lenskart now has more than 2,500 stores, of which 2,000 are in India.

“We are excited about what lies ahead for Lenskart and Peyush. In our view, more late-stage tech companies will continue to garner strong investor interest demonstrating the robustness and excitement of the Indian consumer tech landscape,” said Shrimali.

Lenskart continues to deepen its penetration in India while rapidly scaling its international presence in Asia including in Southeast Asia and the Middle East.

–IANS
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