Temasek & Fidelity secures stake worth $200 million in Peyush Bansal led Lenskart
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Indian eyewear retailer startup, Lenskart,has successfully raised $200million in secondary investment from Singapore based Temasek and Fidelity Management & Research Company (FMR). This investment marks Temasek doubling down on its existing investment in Lenskart, while Fidelity joins the cap table.
After this transaction, Lenskart has attracted close to $1 billion in capital over the last 18 months, according to Avendus Capital which acted as an advisor of the transaction.
Following this funding round,the company which is leading the Indian market and expanding towards overseas, is now valued at $5 billion. Temasek, which is the existing backer of Lenskart, has doubled down on its investment, while Fidelity joins the cap table for the first time.
Peyush Bansal-led firm was founded 13 years ago and it was last valued at $4.5 billion during $100 million funding in June last year. The company also raised the largest secondary funding in March last year.
The company has already deepened its presence in the international markets such as Southeast Asia & Middle East. The company claims to have more than 2,500 stores of which approximately 2,000 are in India.
The startup manufactures its own glasses and contact lenses and serves as the exclusive Indian licensing partner for many global eyewear technologies.
During the past few years, Lenskart also invested in brands such as GeoIQ, Owndays and Le Petit Lunetier through Neso Brands and TangoEye. Singapore-based Neso is a subsidiary of Lenskart which raised $100 million in its seed funding in May 2022.
In a recent post of Peyush Bansal on LinkedIn, he revealed plans of establishing a new 'mega factory' by acquiring 25 acres of land within a 60-kilometer radius of Kempegowda International Airport in Bengaluru.
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