Temasek and Falcon Edge Capital led a $ 220 million financing in Indian omnichannel eyewear retailer Lenskart, valuing the Bangalore-based startup at $ 2.5 billion.
The new financing, which includes primary and secondary transactions, is part of an all-new spherical Lenskart unveiled a month ago when it raised $ 95 million from the KKR global finance fund. Bay Capital and Chiratae also participated in the new sphere.
Peyush Bansal, founder and head of government of Lenskart, said the interesting start-up – which sells eyewear and sells lenses online and in about 750 body shops across the country – has seen an increase in gross sales of eyewear products during the pandemic year .
The startup, which counts SoftBank among its buyers, offered around eight million pairs of glasses last year.
Now, the agency, which claims to lead the market in India, plans to expand its operations in Southeast Asia and Central East. The mixed market alternative for eyewear in these areas will likely be around $ 15 billion by 2025, the startup said, citing its personal projections.
“We are already the largest eyewear participant in India and among the top three in Singapore. Lenskart plans to have 50% of India wearing its specifications within the next 5 years and to become the No.1 eyewear platform in Southeast Asia and Central East within the next 18-24 months through natural and inorganic enlargement, ”he said. .
In agreement with industry estimates, more than half a billion people in India suffer from a lack of imagination and forethought and want glasses, but only 170 million of them have chosen to have their imaginations and vision corrected.
The agency further plans to deploy capital to expand its stack of expertise to create additional personalized expertise for its clients. The start-up, which recently launched the “Lenskart Imaginative and Precient Fund”, also said it was trying to spend money on other young companies working in the fields of eyewear, healthcare. eyepieces and omnichannel retail.
“We are delighted to accompany Peyush and his team on this journey and to work carefully with the Lenskart team to enable them to develop their business internationally, especially in the MENA region,” said Navroz Udwadia, co-founder and partner at Falcon Edge. Capital, in an advertisement.
The all-new funding comes at a time when Indian startups are raising their social capital and a handful of mature companies are starting to enter mainstream markets. Zomato raised $ 1.3 billion last week in the South Asian market’s first tech client IPO in a decade.
Paytm, the pioneering digital funds start-up, and rival Mobikwik also filed for an IPO last week.