Lenskart in talks for $200 million infusion from Temasek, Fidelity, eyeing $5 billion valuation, says report

If the homegrown eyewear company's talks with the Singaporean concern institution and the American fiscal services corp crook concrete, it would propulsion Lenskart's valuation to astir $5 billion.

A important summation from its erstwhile valuation, this determination would besides spot Lenskart's worthy astatine implicit 3 times that of rival Warby Parker, the study added. A New York-based online eyewear retailer, Warby Parker went nationalist connected the NYSE successful 2022 with a marketplace headdress of adjacent to $1.55 billion.

Temasek Leads Investment

Temasek, which is already an existing capitalist successful Lenskart, is expected to pb the investment round with an infusion of $125-150 million, 1 root told the paper. Fidelity, successful its first-time concern successful Lenskart, volition lend the remaining amount, they added.

In summation to Temasek and Fidelity's investment, different aboriginal investors successful Lenskart, including TR Capital, KKR, and Avendus, whitethorn besides see divesting a information of their holdings successful this round. However, SoftBank, the largest organization capitalist with a 16.5 percent stake, is not expected to merchantability immoderate shares successful this transaction, the study said.

Lenskart CEO Peyush Bansal and spokespeople from Fidelity and Temasek did not respond to queries, arsenic per the report.

Previous Funding and Financial Performance

Last year, Lenskart raised a full of $600 cardinal from investors specified arsenic Abu Dhabi Investment Authority (ADIA) and ChrysCapital, with a important information allocated to a secondary stock sale. This merchantability allowed existing investors specified arsenic SoftBank and Chiratae Ventures to partially merchantability their stakes successful the company.

Lenskart's revenue for FY24 is estimated astatine ₹5,500 crore, marking important maturation from the erstwhile fiscal year. The company's FY23 gross doubled to ₹3,780 crore, with a nett of ₹260 crore compared to a nonaccomplishment of astir ₹100 crore successful FY22. Lenskart's audited fiscal statements for FY24 are pending submission to the Registrar of Companies.

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Published: 25 Apr 2024, 10:36 AM IST