📷 Image Credits: Moneycontrol
Temasek, the Singapore-based investment firm, and Fidelity Management & Research Company recently purchased Lenskart shares worth $200 million in a secondary transaction, marking a significant milestone for the Indian eyewear retailer. This investment showcases Temasek’s continued interest in Lenskart, while Fidelity Management & Research Company joins the company’s cap table, as announced by Avendus Capital, the exclusive financial adviser to Lenskart and its selling shareholders in this deal.
Lenskart has now attracted close to $1 billion in capital over the past 18 months, highlighting the confidence global investors have in the company’s disruptive business model. Neeraj Shrimali, Managing Director and Co-Head of Digital and Technology Investment Banking at Avendus Capital, emphasized Lenskart’s defensible business, omnichannel experience, and commitment to customer satisfaction.
Founded in 2010, Lenskart, based in Gurugram, India, has grown to become an omnichannel eyewear retailer with a presence in multiple countries, including Singapore and the UAE. The company offers a wide range of eyewear products, including prescription glasses, sunglasses, and contact lenses. Lenskart’s subsidiary, Owndays, is a prominent direct-to-consumer eyewear brand in Japan, Singapore, and other Southeast Asian markets, with over 2,000 stores across various countries.
As Lenskart continues to expand its presence, especially in India, the company is focusing on enhancing its omnichannel strategy to reach customers through online platforms, mobile applications, and physical stores. With a recent partnership with Blinkit, a quick commerce platform backed by Zomato, Lenskart aims to leverage new avenues for product distribution.
In the financial year 2023, Lenskart witnessed a significant increase in operating revenue, surpassing ₹3,788 crore from ₹1,502 crore in the previous year. Additionally, the company’s losses decreased to ₹64 crore from ₹102 crore in FY22, reflecting a positive trend in its financial performance.
The latest investment from Temasek and Fidelity Management & Research Company not only strengthens Lenskart’s financial position for future growth but also underscores the growing interest in late-stage tech companies within the Indian consumer tech landscape. With an IPO on the horizon, Lenskart is poised for further expansion and innovation in the eyewear industry.
