Temasek and Falcon Edge Capital devour led a $220 million investment in Indian omni-channel eyewear retailer Lenskart, valuing the Bangalore-basically basically based fully startup at $2.5 billion.
The unusual investment, which contains fundamental and secondary transactions, is portion of a brand unusual round Lenskart unveiled a month ago when it raised $95 million from world investment fund KKR. Bay Capital and Chiratae also participated within the unusual round.
Peyush Bansal, founder and chief govt of Lenskart, stated the worthwhile startup — which sells eyeglasses and contact lenses online and via about 750 physical retail retail outlets across the country — has viewed a surge in sales of eyewear merchandise within the pandemic year.
The startup, which counts SoftBank among its merchants, offered about 8 million pairs of eyewear ultimate year.
Now the agency, which claims to manual the market in India, plans to scale its operations in Southeast Asia and Center East. The mixed market alternative for eyewear in these areas shall be about $15 billion by 2025, the startup stated, citing its dangle projections.
“We’re already the greatest eyewear player in India and within the head 3 in Singapore. Lenskart envisions to devour 50% of India wearing its specs over the next 5 years and change into the #1 eyewear platform in Southeast Asia and Center East over the next 18 to 24 months via natural and inorganic enlargement,” he stated.
In conserving with trade estimates, extra than half a billion folks in India are struggling from downhearted vision and want eyeglasses, but handiest 170 million of them devour opted to acquire their vision corrected.
The agency also plans to deploy some capital to develop its know-how stack to create a extra customized trip for its customers. The startup, which recently launched ‘Lenskart Vision Fund,’ stated it is also having a ogle to make investments in other youthful corporations that are operating in eyewear, eyecare and omnichannel retail spaces.
“We’re thrilled to hitch Peyush and his personnel in this breeze and ogle forward to working closely with Lenskart’s personnel in helping them scale their industry internationally, especially within the MENA characteristic” stated Navroz Udwadia, co-founder and accomplice at Falcon Edge Capital, in a statement.
The unusual investment comes at a time when Indian startups are raising file capital and a handful of mature corporations are starting to explore the final public markets. Zomato raised $1.3 billion ultimate week within the South Asian market’s first user tech IPO in a decade.
Paytm, the pioneer digital funds startup, as properly as its rival Mobikwik also filed for IPOs ultimate week.