Temasek and Falcon Edge Capital have led a $220 million investment in Indian omni-channel eyewear retailer Lenskart, valuing the Bangalore-based startup at $2.5 billion.
The brand new investment, which incorporates main and secondary transactions, is a part of a brand new spherical Lenskart unveiled a month in the past when it raised $95 million from world investment fund KKR. Bay Capital and Chiratae additionally participated within the new spherical.
Peyush Bansal, founder and chief govt of Lenskart, mentioned the worthwhile startup — which sells eyeglasses and contact lenses on-line and by means of about 750 bodily shops throughout the nation — has seen a surge in gross sales of eyewear merchandise within the pandemic yr.
The startup, which counts SoftBank amongst its traders, bought about 8 million pairs of eyewear final yr.
Now the agency, which claims to steer the market in India, plans to scale its operations in Southeast Asia and Center East. The mixed market alternative for eyewear in these areas will likely be about $15 billion by 2025, the startup mentioned, citing its personal projections.
“We’re already the most important eyewear participant in India and within the prime 3 in Singapore. Lenskart envisions to have 50% of India carrying its specs over the following 5 years and turn into the #1 eyewear platform in Southeast Asia and Center East over the following 18 to 24 months by means of natural and inorganic growth,” he mentioned.
In keeping with business estimates, greater than half a billion folks in India are affected by poor imaginative and prescient and want eyeglasses, however solely 170 million of them have opted to get their imaginative and prescient corrected.
The agency additionally plans to deploy some capital to broaden its expertise stack to create a extra customized expertise for its clients. The startup, which just lately launched ‘Lenskart Imaginative and prescient Fund,’ mentioned it’s also seeking to put money into different youthful companies which might be working in eyewear, eyecare and omnichannel retail areas.
“We’re thrilled to affix Peyush and his group on this journey and sit up for working carefully with Lenskart’s group in serving to them scale their enterprise internationally, particularly within the MENA area” mentioned Navroz Udwadia, co-founder and associate at Falcon Edge Capital, in an announcement.
The brand new investment comes at a time when Indian startups are elevating document capital and a handful of mature companies are starting to discover the general public markets. Zomato raised $1.3 billion final week within the South Asian market’s first client tech IPO in a decade.
Paytm, the pioneer digital funds startup, in addition to its rival Mobikwik additionally filed for IPOs final week.