Temasek and Falcon Edge Capital have led a $220 million funding in Indian omni-channel eyewear retailer Lenskart, valuing the Bangalore-based startup at $2.5 billion.
The brand new funding, which incorporates major 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 funding fund KKR. Bay Capital and Chiratae additionally participated within the new spherical.
Peyush Bansal, founder and chief government of Lenskart, mentioned the worthwhile startup — which sells eyeglasses and phone lenses on-line and thru about 750 bodily stores throughout the nation — has seen a surge in gross sales of eyewear merchandise within the pandemic yr.
The startup, which counts SoftBank amongst its buyers, offered about eight million pairs of eyewear final yr.
Now the agency, which claims to guide the market in India, plans to scale its operations in Southeast Asia and Center East. The mixed market alternative for eyewear in these areas can 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 three in Singapore. Lenskart envisions to have 50% of India sporting its specs over the following 5 years and change into the #1 eyewear platform in Southeast Asia and Center East over the following 18 to 24 months by natural and inorganic growth,” he mentioned.
In response to trade estimates, greater than half a billion individuals in India are affected by poor imaginative and prescient and wish 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 lately launched ‘Lenskart Imaginative and prescient Fund,’ mentioned it is usually seeking to put money into different youthful companies which are working in eyewear, eyecare and omnichannel retail areas.
“We’re thrilled to hitch Peyush and his staff on this journey and look ahead to working carefully with Lenskart’s staff in serving to them scale their enterprise internationally, particularly within the MENA area” mentioned Navroz Udwadia, co-founder and companion at Falcon Edge Capital, in a press release.
The brand new funding comes at a time when Indian startups are elevating file capital and a handful of mature companies are starting to discover the general public markets. Zomato raised $1.three 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.