Eyewear retailer Lenskart has raised $200 million in a secondary investment round, with significant contributions from Temasek and Fidelity Management & Research Company (FMR). This marks an increased commitment from Temasek, while Fidelity joins the investor lineup for the first time.
Advised by Avendus Capital, Lenskart has accumulated close to $1 billion in capital over the past 18 months. The recent funding round values the company at over $5 billion, up from its $4.5 billion valuation in June of the previous year following a $100 million investment. This round follows Lenskart’s substantial secondary funding raise in March last year.
Lenskart, under the leadership of Peyush Bansal, continues to expand its presence beyond India, with significant inroads in Southeast Asia and the Middle East. The company operates over 2,500 stores globally, with approximately 2,000 in India.
In recent years, Lenskart has also made strategic investments in several brands, including GeoIQ, Owndays, and Le Petit Lunetier, through its Singapore-based subsidiary Neso Brands. Neso Brands raised $100 million in seed funding in May 2022, further bolstering Lenskart’s investment portfolio.
Financially, Lenskart has demonstrated impressive growth, with its revenue from operations reaching Rs 3,788 crore in FY23, up from Rs 1,502 crore in FY22. This growth, coupled with controlled expenditures, has enabled the company to reduce its losses by 37.3% to Rs 64 crore in FY23, down from Rs 102 crore in FY22.
A significant portion of Lenskart’s revenue, 59%, is generated from eyewear sales within India, with the remaining income coming from its international operations in markets such as Singapore, Dubai, the US, and Southeast Asia.
Recently, Peyush Bansal announced plans to acquire land near Bengaluru airport to establish a mega factory, indicating Lenskart’s continued commitment to scaling its production capabilities.
