Lenskart raises $200 million from Temasek, Fidelity

Peyush Bansal-led eyewear retailer Lenskart has raised $200 million from Singapore sovereign fund Temasek and US financial services firm Fidelity Management and Research Co. in a secondary transaction, taking its valuation to $5 billion.

Through the secondary transaction, Temasek has doubled down on its existing investment in Lenskart, while Fidelity joins the cap table, financial services firm Avendus Capital that advised Lenskart and its selling shareholders on the transaction, said in a statement.

Following the conclusion of the transaction, Lenskart has raised close to $1 billion in the past 18 months, “making it one of the largest growth-stage financings globally,” Avendus said in the statement.

Neeraj Shrimali, managing director and co-head of digital and technology investment banking at Avendus Capital, said, “We are delighted to once again partner with Peyush Bansal and the Lenskart team.”

“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,” he added.

Lenskart, which plans to go public in in the next two years, continues to deepen its penetration in India while rapidly scaling its international presence in Asia, including Southeast Asia and the Middle East, the Avendus statement said.

“With a unique click-and-mortar business, it is revolutionizing the eyewear industry by offering Omni-channel customer experience across online, mobile applications, and stores. The company now has more than 2,500 stores, of which 2,000 are in India,” it added.