Indian eyewear retailer Lenskart has raised $200 million in secondary investment from Temasek and Fidelity Management & Research Company.
Avendus, which advised selling shareholders in the deal, announced the development on Monday. The identity of the investors who sold their stake remains undisclosed. According to TechCrunch, the transaction values Lenskart at $5 billion.
While existing investor Temasek reportedly led the secondary investment, Fidelity Management is a new investor to join the cap table.
With this transaction, Lenskart has attracted close to $1 billion in capital over the last 18 months.
Founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal, and Sumeet Kapahi, Lenskart also counts SoftBank, Premji Invest, Alpha Wave Global, and KKR among its investors.
Lenskart became a household brand in India by offering steep discounts on premium eyewear, including eyeglasses, sunglasses, contact lenses, and accessories.
The latest fundraising comes as Lenskart continues to deepen its penetration in India while scaling its international presence across Southeast Asia and the Middle East. It has more than 2,500 stores, of which around 2,000 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.
Last year, Lenkart raised $100 million from homegrown private equity firm ChrysCapital through primary and secondary share purchases. Before that, the company bagged a $500 million investment from the Abu Dhabi Investment Authority (ADIA).
In 2022, through a series of transactions, Lenskart 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 2022; and $100 million from Alpha Wave Ventures in April.