Lenskart in talks to raise $200M at valuation of $5B

Lenskart in talks to raise $200M at valuation of $5B
25 Apr 2024

Lenskart, a prominent eyewear retailer in India, is reportedly discussing a potential $200 million investment deal with Singapore's Temasek and US-based Fidelity.

According to The Economic Times, this secondary share sale could elevate Lenskart's valuation to an impressive $5 billion.

This would significantly surpass its previous valuation and make it worth triple its competitor, Warby Parker.

Temasek to lead the investment round
Funding details

Temasek, an existing stakeholder in Lenskart, is expected to lead this investment round with a contribution of between $125-150 million.

The remaining balance is anticipated to be covered by Fidelity, marking its first investment in Lenskart.

Other early investors such as TR Capital, KKR, and Avendus may consider selling some of their shares during this round.

SoftBank not expected to sell any shares during this transaction
Investment history

SoftBank, the largest institutional investor with a 16.5% stake in Lenskart, is not expected to sell any shares during this transaction.

In the previous year, Lenskart raised a total of $600 million from investors including Abu Dhabi Investment Authority (ADIA) and ChrysCapital.

A significant portion of these funds was used for a secondary share sale allowing existing investors like SoftBank and Chiratae Ventures to partially sell their stakes.

Lenskart's revenue for FY24 is projected at ₹5,500 crore
Financial performance

Lenskart's revenue for FY24 is projected at ₹5,500 crore, indicating substantial growth from the previous fiscal year.

The company's FY23 revenue doubled to ₹3,780 crore, with a profit of ₹260 crore compared to a loss of approximately ₹100 crore in FY22.

The audited financial statements for FY24 are still pending submission to the Registrar of Companies.