IPO-bound Lenskart nets $200m from Temasek, Fidelity at $5b valuation

Photo credit: Lenskart Singapore

India-based Lenskart, a direct-to-consumer eyewear retailer, has secured US$200 million from Temasek and Fidelity. This boosts the startup’s valuation to US$5 billion, reported TechCrunch, quoting a statement by the startup’s financial advisor Avendus.

Just last month, the two investors were in talks with Lenskart to raise the said amount through a secondary share sale, The Economic Times reported. According to the past report, Temasek would be pouring roughly US$125 million to US$150 million, with Fidelity rounding up the raise.

The development follows Lenskart previously outlining further expansion efforts in Southeast Asia, including in Thailand and the Philippines.

Last year, the startup raised US$500 million from the Abu Dhabi Investment Authority.

Founded in 2010 by Peyush Bansal, Lenskart offers products such as glasses, sunglasses, contact lenses, and related accessories. It conducts business online and via over 2,500 stores in India, Southeast Asia, and the Middle East.

This investment highlights “the excitement surrounding one of the most anticipated IPOs in India in the coming years,” said Neeraj Shrimali, managing director of digital and investment banking at Avendus.

See also: Demystifying Yuu, the Temasek-backed consumer loyalty program