The current fundraise also saw participation from existing investors Bay Capital and Chiratae Ventures, valuing the startup at $2.5 billion.
Lenskart had entered India's ‘unicorn’ club after it raised $231 million from Softbank, back in 2019.
Through the fundraise, the company is looking to expand its presence outside India and further scale its operations in Southeast Asian and the Middle East markets. It will also use the global network of Temasek and Falcon Edge to scale faster in new international geographies.
“At Lenskart, our vision is to revolutionise the global eye-wear industry. We’re already the largest eyewear player in India and in the top 3 in Singapore. Lenskart envisions having 50% of India wearing its specs over the next 5 years. We want to become the top eyewear platform in Southeast Asia and Middle East over the next 18 to 24 months through organic and inorganic expansion," said Peyush Bansal, founder and chief executive officer, Lenskart.
At present, Lenskart has a distribution presence of more than 750 retail stores and online channels across 175 cities in India. It also has an active presence in Singapore, West Asia and the US.
Along with the global expansion, Lenskart is also planning to use the capital to deepen its investments in technology and artificial intelligence (AI)-driven innovations to create a highly personalized experience for its customers.
Last month, the company set up ‘Lenskart Vision Fund’, through which it's looking to invest in startups that are synergistic to eyewear, eye-care, and omnichannel retail, in a bid to create a deep ecosystem around the eyewear segment.
It had earlier said that it will invest up to $2 million in each of the selected startups.
“We have been admirers of Lenskart for many years. Lenskart has built a world-class fully backward-integrated omnichannel eyewear retail experience with extreme customer centricity. We are thrilled to join Peyush and his team in this journey and look forward to working closely with Lenskart’s team in helping them scale their business internationally, especially in the MENA region" said Navroz Udwadia, co-founder and partner, Falcon Edge Capital.
Avendus Capital acted as the financial advisor to Lenskart, for the deal.
At present, Lenskart serves over 7 million customers annually through its omni-channel shopping experience.
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