Indian eyewear retailer, Lenskart has secured $500 million in funding from Abu Dhabi Investment Authority in a bid to expand its offerings and prepare for international markets.
The investment, which includes a secondary purchase of shares from some of Lenskart’s early backers, is an extension of the startup’s last funding round and has helped maintain its valuation at $4.5 billion.
To date, Lenskart has raised a total of $1.5 billion in primary and secondary funding rounds, according to data intelligence platform, Tracxn.
With the new funding, Lenskart plans to deepen its penetration in India and scale its international presence in Asia and the Middle East. The company currently has over 2,000 stores, of which 1,500 are in India and the rest are in Southeast Asia and the Middle East.
Additionally, Lenskart’s new factory, set to launch soon, will produce 20 million pairs of eyewear to be shipped next year.
Despite reporting a 66 percent revenue increase, Lenskart slipped into losses in FY22 (2021-22), reporting a loss of Rs 102 crore for the year, compared to a profit of Rs 28 crore in the previous year.
However, the startup claims to have grown its revenue by 60 percent for the second year in a row and is now profitable.
Lenskart’s latest funding is expected to help the company expand its customer base and increase its revenue further.
Founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal, and Sumeet Kapahi, Lenskart has become a major player in the eyewear retail industry.
In 2019, the company became a part of the unicorn club with a valuation of $1.5 billion.
It has secured funding from various prominent investors such as SoftBank, Alpha Wave Global, Temasek, KKR, and TPG, among others.
According to data from Tracxn, Lenskart has raised over $1.5 billion in funding across 19 funding rounds, making it one of the most well-funded startups in India.
With its latest investment from Abu Dhabi Investment Authority, the eyewear retailer is poised to expand its offerings and scale its international presence in Asia and the Middle East.
Solidifying its position as a leading player in the industry.
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