Singapore state investment firm Temasek and American asset manager Fidelity Management and Research Company have invested $200 million (about Rs 1,660 crore) in omni-channel eyewear retailer Lenskart via a secondary transaction.
The transaction marks the entry of Fidelity as a new investor of Lenskart while Temasek doubled down on its investment, according to a statement by investment bank Avendus Capital, which was the exclusive financial advisor to Lenskart and its selling shareholders. It didn’t disclose the names of the selling shareholders.
The transaction values Lensart around $5 billion, per a report by TechCrunch.
The development comes about a year after Indian private equity firm ChrysCapital invested $100 million in Lenskart in June 2023 and sovereign wealth fund Abu Dhabi Investment Authority (ADIA) put in $500 million in March 2023. This included a mix of primary capital infusions and secondary share purchases from investors such as Kedaara Capital, PremjiInvest, TR Capital, Chiratae Ventures and Unilazer Ventures.
Temasek had previously invested in the Gurugram-based eyewear brand in 2021. In July 2021, VCCircle reported that Temasek, along with Alpha Wave Global, led a $220-million investment in the company, when it had started eyeing the Middle East market.
Avendus said investors have committed a total of $1 billion to Lenskart over the last 18 months.
“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,” said Neeraj Shrimali, managing director and co-head of digital and technology investment banking at Avendus Capital.
Founded in 2010 by Peyush Bansal, Amit Chaudhary and Sumeet Kapahi, Lenskart sells eyewear through its omni-channel stores across cities in India. The company has expanded internationally and caters to customers in India, Southeast Asia and Middle East.
The company reported Rs 3,788 crore in consolidated net sales for FY23, more than 2.5 times its revenue in FY22. It incurred a net loss of Rs 64 crore for FY23, down from a loss of nearly Rs 102 crore in FY22.