Eyewear company Lenskart has raised an amount of $220 million in its latest round of fundraising, according to a news report by bloomberg.com. The fundraise saw participation from investors like the Singapore government’s sovereign wealth fund Temasek and Falcon Edge Capital. The fresh capital input has increased the company’s valuation to $2.5 billion.
Earlier in May this year, KKR had also infused a sum of $95 million in Lenskart. The investment was made via KKR’s Asia focused private equity fund in a secondary stake acquisition.
Bloomberg has reported that Lenskart plans to use the proceeds from the capital raise to invest in its supply chain and the building of new technologies. The eyewear retailer also plans to expand its footprint to new markets in South East Asia and the Middle East.
Lenskart was founded in 2010 by Peyush Bansal along with Amit Chaudhary and Sumeet Kapahi. Bansal also serves as the company’s chief executive officer(CEO). The Faridabad headquartered company claims to serve over 1 lakh customers every month online and through its retail presence across 750 locations in India. It manufacturers its own glasses at a facility in Delhi. Some investors in the company include Premji Invest, Softbank and Kedaara Capital.
Talking to bloomberg.com, Bansal said that Lenskart was making losses during the peak of the first and second wave of COVID-19 infections in the country. However, the company has become profitable again, he added.
