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Temasek, Fidelity Invest $200M in Lenskart

Temasek & Fidelity have acquired shares of $200 million in Lenskart, the Indian eyewear retailer disclosed by Avendus
June 3, 2024

Indian eyewear retailer Lenskart has secured a $200 million investment from Temasek and Fidelity, according to the startup’s financial advisor, Avendus. This latest funding round values Lenskart at a robust $5 billion, as confirmed by co-founder and CEO Peyush Bansal.

This fresh investment from Temasek, which has previously backed Lenskart, follows a significant $500 million infusion from the Abu Dhabi Investment Authority last year. The thirteen-year-old company, which also counts SoftBank and Alpha Wave Global among its investors, has grown to become one of India's largest eyewear retailers. Lenskart offers a wide range of products, including eyeglasses, sunglasses, contact lenses, and other accessories, at competitive prices, effectively outpacing its competitors.

Lenskart’s ability to offer premium eyewear at affordable prices is attributed to its efficient business model. The company manufactures its own glasses and contact lenses and holds exclusive licensing rights for several global eyewear technologies in India. This vertical integration allows Lenskart to maintain low prices while ensuring high quality.

Operating in India, Southeast Asia, and the Middle East, Lenskart has a significant online presence and over 2,500 physical stores, most of which are in India. Despite the vast market, India's vision correction sector remains largely untapped, with a small percentage of the population using glasses or contact lenses, despite the need among hundreds of millions.

Neeraj Shrimali, MD of digital and investment banking at Avendus Capital, emphasized the importance of this investment, stating, "This investment by renowned global investors underscores the uniqueness of Lenskart’s disruptive model and highlights the excitement surrounding one of the most anticipated IPOs in India in the coming years."

As Lenskart continues to grow and expand its reach, the company stands as a testament to the vibrancy and potential of the Indian consumer tech landscape. With strong backing from global investors, Lenskart is poised for even greater success in the years to come.

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