Temasek and Falcon Edge Capital have made an investment of $220 million in Lenskart, making its valuation go up to $2.5 billion. Lenskart is a Bangalore-based startup firm and plays a major role among the eyewear retailers in India.
Lenskart had earlier received a sum of $95 million from global investment fund KKR. The investment from Temasek and Falcon Edge Capital includes both primary and secondary transactions. The other participants in the new round of funding included Bay Capital and Chiratae.
Lenskart had managed to have increased sales in the year of the pandemic as claimed by its founder and chief executive, Peyush Bhansal, and is reported to have sold about 8 million pairs of eyewear last year. The startup aims to expand its sales in Southeast Asia and the Middle East alongside India. In India, it has already managed to secure one of the top spots among eyewear retailers.
Lenskart has an option for ‘3D try on’ on its website which allows users to compare their looks on wearing different pairs of specs. They can choose the best look and select frames according to their preferences.
Through the ‘Lenskart Vision Fund’ it plans to invest in smaller firms that are related to the same industry as them. The startups of India are receiving huge funds and are expected to have a good time in their businesses ahead.