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Temasek and Fidelity have buy shares deserving $ 200 million in Indian eyewear retailer Lenskart , according to a statement by the startup ’s fiscal adviser , Avendus .
The dealings values Lenskart at $ 5 billion , the startup ’s co - founder and chief executive , Peyush Bansal , say TechCrunch in a text message . Avendus , which also advised selling shareholders on the good deal , did n’t name the investor who sold the ploughshare .
Thirteen - twelvemonth - old Lenskart , which also depend SoftBank and Alpha Wave Global among its backer , sell spectacles , sunglasses , contact lens lens and other accessories . It has become one of the large eyewear players in India by offer premium glass at low-cost cost , undercut the rival , and is also expand overseas .
Lenskart has been able to keep prices low by play dandy efficiency to the sector , Bansal tell TechCrunch in an earlier interview . The startup cook up its own glass and contact lens and has the exclusive licensing rights for many globose eyewear technologies in India .
With operations spanning India , Southeast Asia and the Middle East , Lenskart sells its product online and through more than 2,500 stores , most of which are in India .
India ’s vision chastening marketplace remains significantly underserved , and only a small percentage of the population presently use glasses or contact lense , despite hundred of one thousand thousand requiring them , Bansal claimed .
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“ This investment by celebrated globular investors underscore the uniqueness of Lenskart ’s tumultuous model and highlight the turmoil besiege one of the most anticipated IPOs in India in the coming yr , ” say Neeraj Shrimali , MD of digital and investment banking at Avendus Capital , in a instruction .
“ We are excited about what lies in front for Lenskart & Peyush . In our opinion , more late - stage technical school companies will continue to garner substantial investor interest demonstrating the hardiness and turmoil of the Native American consumer tech landscape . ”
