Lenskart Raises USD 200 Million from Temasek, Fidelity

New Delhi, June 3 (PTI) Indian eyewear retailer Lenskart has raised USD 200 million in secondary investment from Temasek and Fidelity Management and Research Company (FMR), according to a statement by Avendus.

This investment marks Temasek doubling down on its existing investment in Lenskart, while Fidelity Management & Research Company (FMR) joins the cap table.

Following this transaction, Lenskart has attracted close to USD 1 billion in capital over the last 18 months, making it one of the largest growth-stage financings globally, according to the statement by Avendus Capital.

"Lenskart, the largest eyewear retailer in Asia, has raised USD 200 million in secondary investment from Temasek and Fidelity Management & Research Company (FMR)," it said.

Avendus Capital advised Lenskart and its selling shareholders on its USD 200 million secondary investment.

"Lenskart continues to deepen its penetration in India while rapidly scaling its international presence in Asia including in Southeast Asia and Middle East. With a unique click and mortar business, it is revolutionising the eyewear industry by offering a seamless truly omni-channel customer experience spanning across online, mobile application and stores," the statement said.

The company now has 2,500 plus stores of which about 2,000 are in India, it said adding Lenskart continues to deliver strong growth and consistent profitability.

Neeraj Shrimali, Managing Director and Co-Head, Digital and Technology Investment Banking, Avendus Capital said, “We are delighted to once again partner with Peyush and the Lenskart team".

Lenskart has built one of the most defensible businesses with an omnichannel experience, deep backward integration, and a steadfast commitment to customer satisfaction, Shrimali pointed out.

"This investment by renowned global investors underscores the uniqueness of Lenskart's disruptive model and highlights the excitement surrounding one of the most anticipated IPOs in India in the coming years. We are excited about what lies ahead for Lenskart & Peyush," Shrimali said while noting that more late-stage tech companies will continue to garner strong investor interest demonstrating the robustness and excitement of the Indian consumer tech landscape.