Lenskart Solutions has raised $200 million from Temasek and Fidelity Management and Research Company. This brings the total funding raised by the company in the last one and a half years to nearly $1 billion.
According to Avendus, the selling shareholders and Lenskart’s exclusive financial advisor on this transaction, after this investment, Temasek will double its existing investment in Lenskart. While Fidelity has made its first investment in the company.
The company has seen good growth in the last two years
With this transaction, Lenskart has raised over $1 billion in capital in the last 18 months, making it one of the largest growth-stage financings in the world.
Lenskart has emerged as a strong, omnichannel business over the last two years. This has led to the company’s growing online and offline business. It now operates more than 2,500 stores, of which 2,000 are in India.
The company’s focus is on the whole of Asia along with India
The company is expanding its presence in India. Along with this, it is also working rapidly to expand its international presence in Asia. The company is also focusing on South-East Asia and the Middle East.
The eyewear company had a turnover of Rs 3,788 crore in FY23. According to the financial statements filed with the Registrar of Companies, this is an increase of 152% from Rs 1,502 crore in FY22.
The loss of the company led by Piyush Bansal has come down to Rs 63.7 crore in FY23. This was Rs 102.3 crore a year ago i.e. in FY22. Its expenditure on employees has increased from Rs 245 crore to Rs 718 crore.
