Temasek, Fidelity buy Lenskart shares worth $200 million in secondary round

Lenskart was founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal and Sumeet Kapahi

Lenskart shares worth $200 million have been sold by existing shareholders as Temasek and Fidelity have doubled down on the late-stage company that is expected to go public in the next 18-24 months.

Following this transaction, Lenskart has attracted close to $1 billion in capital over the last 18 months, at a time when growth-stage funding for internet-led startups has dried up.

Last year, some of the company's investors like Chiratae Ventures, Premji Invest, Ronnie Screwvala-led Unilazer Ventures, Kedaara Capital, SoftBank and KKR, partially sold their stakes to ChrysCaptial and ADIA during two rounds that cumulatively raised $600 million in funding.

SoftBank-backed Lenskart's revenue surged 152 percent from Rs 1,503 crore in FY22 to Rs 3,788 crore in FY23, while net loss narrowed from Rs 102 crore to Rs 64 crore during the period, according to the company's regulatory filings.

Lenskart had slipped into losses in FY22, even after it registered a 66 percent jump in revenue. The eyewear startup reported a loss of Rs 102 crore for the year, against a profit of Rs 28 crore in the previous financial year.

Neeraj Shrimali, Managing Director and Co-Head, Digital and Technology Investment Banking, Avendus Capital said, “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".

"We are excited about what lies ahead for Lenskart & Peyush. In our view, more late-stage tech companies will continue to garner strong investor interest demonstrating the robustness and excitement of the Indian consumer tech landscape," he added.

Lenskart was founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal and Sumeet Kapahi. In 2019, the eyewear brand joined the coveted unicorn club. It counts SoftBank, Alpha Wave Global, Temasek, KKR, Kedaara Capital and TPG, among others, as its backers.