Omnichannel eyewear retailer Lenskart has closed a $220-million funding round led by Singapore's sovereign wealth fund Temasek Holdings and Falcon Edge Capital. It plans to use the capital to expand online sales and add brick-and-mortar stores in India, as well as in Southeast Asia and the Middle East, according to news reports.
The current round also saw participation from Bay Capital and Chiratae, a statement said.
This round of funding comes a month after it raised $5 million from global investment fund KKR, taking the total transaction size to $315 million, it added.
"With this, the vision of Lenskart is to grow exponentially in the coming three-four years, expanding its presence in India as well as scaling its growing operations in Southeast Asia and Middle East," the statement said.
The startup’s valuation is now $2.5 billion, the founder was cited in a Bloomberg news report.
In May KKR had invested $95 million (about Rs 695.8 crore) million through a secondary transaction, in the SoftBank-backed firm.
The company aims to leverage the deep expertise and network of Temasek and Falcon Edge in these respective geographies, it added.
The market opportunity for Lenskart in these target geographies is expected to be over $15 billion by 2025, the company noted.
Along with the expansion, Lenskart is also planning to use the capital to deepen its investments in technology and artificial intelligence (AI)-driven innovations to create a highly personalised experience for its customers.
The company has also recently set up ‘Lenskart Vision Fund’, through which it is looking to invest in startups that are synergistic to eyewear, eye-care, and omni-channel retail to create a deep ecosystem around the eyewear segment.
“...We’re already the largest eyewear player in India and in the top 3 in Singapore. Lenskart envisions to have 50 percent of India wearing its specs over the next 5 years and become the number one eyewear platform in Southeast Asia and Middle East over the next 18-24 months through organic and inorganic expansion," Lenskart founder and CEO Peyush Bansal said.
Avendus Capital was the exclusive financial advisor to Lenskart and its shareholders on the transaction.
Lenskart serves over 7 million customers annually through its omni-channel shopping experience, which spans online, mobile application, and more than 750 omni-channel stores in 175 cities across the country.
In 2019, Lenskart also expanded to Singapore – marking its foray into Southeast Asia – where it is now a key optical service provider.
(With inputs from IANS and PTI)