Secondary investors Temasek and Fidelity Management & Research Company invested $200 million in Lenskart.
Avendus advised selling shareholders and revealed the news on Monday. The investors that sold their interest are unknown. The acquisition values Lenskart at $5 billion, per TechCrunch.
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Fidelity Management joined the cap table after Temasek led the secondary investment. Lenskart has raised almost $1 billion in the past 18 months with this deal.
Lenskart, founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal, and Sumeet Kapahi, is funded by SoftBank, Premji Invest, Alpha Wave Global, Temasek, and KKR.
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By offering huge discounts on premium eyewear like eyeglasses, sunglasses, contact lenses, and accessories, it become a household brand in India. It continues to expand across India and Southeast Asia and the Middle East with the current fundraising. About 2,000 of its 2,500+ outlets are in India.
“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.” Neeraj Shrimali, managing director and co-head of digital and technology investment banking at Avendus Capital, said.
“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,” Shrimali added.
It raised $100 million from local private equity firm ChrysCapital through primary and secondary share purchases last year. Abu Dhabi Investment Authority invested $500 million in the company before then.
In 2022, it raised $40 million from Chiratae Ventures, DSP India Fund in November, $12.5 million from Manyavar Owners Ravi Modi Family Trust in August, $28 million from Avendus Future Leaders Fund II in June, and $100 million from Alpha Wave Ventures in April.
About Lenskart
Lenskart is a Gurgaon-based multinational optical prescription eyeglasses retailer.
