Temasek and Fidelity have invested $200 million in the Indian eyewear retailer Lenskart, valuing the company at $5 billion, as confirmed by co-founder and CEO Peyush Bansal. The financial advisory firm Avendus, which facilitated the deal, did not disclose the identities of the selling shareholders.
This marks Temasek’s continued investment in Lenskart, following a $500 million injection from the Abu Dhabi Investment Authority last year. Lenskart, established 13 years ago, counts SoftBank and Alpha Wave Global among its investors.
The company offers a range of eyewear products, including eyeglasses, sunglasses, and contact lenses, at competitive prices, which has helped it become a leading player in the Indian market. Lenskart’s strategy includes manufacturing its own products and holding exclusive licensing rights for various global eyewear technologies in India.
Operating across India, Southeast Asia, and the Middle East, Lenskart sells through its online platform and over 2,500 physical stores, primarily in India. Despite the significant demand for vision correction in India, only a small fraction of the population uses glasses or contact lenses.
Neeraj Shrimali, MD of digital and investment banking at Avendus Capital, remarked on the investment, highlighting it as a testament to Lenskart’s innovative model and the anticipation surrounding its potential IPO. He expressed optimism about Lenskart’s future and noted the growing investor interest in late-stage tech companies in India’s consumer tech sector.
