Temasek, a Singaporean company, and Fidelity recently invested $200 million in the Indian startup Lenskart, an eyewear company.
Lenskart, which is leading the Indian market and growing internationally, has been valued at $5 billion due to the deal. Temasek, a longtime supporter of Lenskart, has increased its investment, and Fidelity is a new participant in the capital table.
One of India’s biggest eyewear manufacturers, Lenskart, was established 13 years ago by Peyush Bansal and Amit Chaudhary. Its strategy of providing high-quality glasses at reasonable prices has allowed it to outcompete competitors.
The startup is the exclusive Indian license partner for numerous international eyewear technologies and produces its glasses and contact lenses.
The company, led by Peyush Bansal, has operations in India, Southeast Asia, and the Middle East. It sells goods online and through over 2,500 stores, of which about 2,000 are in India.
Growth combined with restrained spending allowed Lenskart to cut its losses from Rs 102 crore in FY22 to Rs 64 crore in FY23, a 37.3% decrease.
The company’s main source of income is from the sale of eyewear; 59% of this revenue is generated in the Indian market, with the remaining revenue coming from overseas operations.
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