Singapore’s state investment firm Temasek and US-based Fidelity are in the last stages of negotiations to inject approximately $200 million into Lenskart via a secondary share sale, placing the omnichannel eyewear unicorn‘s valuation at roughly $5 billion.
According to ET, the secondary sale of Lenskart might achieve a valuation 11-12% higher than its previous $4.5 billion, setting it apart from typical transactions that frequently settle at lower valuations.
Temasek, already a current investor in Lenskart, is poised to spearhead the funding round with an investment ranging from $125-150 million. Fidelity, making its inaugural investment in the startup, will provide the remaining funds.
In this funding round, early investors such as TR Capital, KKR, and Avendus are considering selling a part of their stakes in Lenskart. However, SoftBank, holding the largest institutional stake at 16.5%, will not be divesting any shares in this round.
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Established in 2010, Lenskart is India’s largest omnichannel eyewear retailer, with a growing presence in Singapore, the UAE, and other geographies. Lenskart has a customer base of 20 million in India.
Lenskart is further extending its reach into international markets across Asia and the Middle East. As part of its efforts to drive international expansion, the eyewear unicorn acquired OWNDAYS, Japan’s largest online eyewear brand, in a deal valued at $400 million.
Additionally, Lenskart is strategizing to broaden its presence in the Southeast Asia (SEA) market by introducing 300-400 stores in the region within the next two years. Currently operating approximately 70 stores in Singapore, the Delhi NCR-based unicorn intends to venture into Thailand and the Philippines as part of its expansion plans.
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Last year, Lenskart secured a $100 million investment from the private equity firm ChrysCapital. Additionally, earlier in 2023, Lenskart raised $500 million from the Abu Dhabi Investment Authority (ADIA).
In FY22, the eyewear unicorn reported a consolidated loss of INR 102.3 crore compared to a profit of INR 28.9 crore in FY21. Lenskart’s revenue from operations saw a remarkable 66% increase to INR 1,502.7 crore from INR 905.3 crore in FY21.
