Lenskart, a leading omnichannel eyewear retailer in India, has completed a $220 million transaction led by Temasek and Falcon Edge Capital. This round of funding comes a month after it raised $95 million from global investment fund KKR taking the total transaction size to $315 million. The current round has also seen participation from Bay Capital and Chiratae.
With this, the vision of Lenskart is to grow exponentially in the coming 3-4 years, expanding its presence in India as well as scaling its growing operations in Southeast Asia and the Middle East. The company aims to leverage the deep expertise and network of Temasek and Falcon Edge in these respective geographies.
Avendus Capital was the exclusive financial advisor to Lenskart and its shareholders on the transaction.
The funding comes as the brand is rapidly scaling its operations overseas, maintaining the core proposition of omnichannel experience online and offline. The market opportunity for Lenskart in these target geographies is expected to be over $15 billion by 2025. Along with the expansion, Lenskart is also planning to use the capital to deepen its investments in technology and AI-driven innovations to create a highly personalized experience for its customers. The company also recently set up ‘Lenskart Vision Fund’, through which it is looking to invest in startups that are synergistic to eyewear, eye-care, and omnichannel retail to create a deep ecosystem around the eyewear segment.
Speaking on the transaction, Peyush Bansal, Founder, and CEO, Lenskart said, “At Lenskart, our vision is to revolutionize the global eye-wear industry and evolve into one of the biggest and most admired consumer internet brands globally with our customers being a testimonial to our journey of innovation and disruption. We’re already the largest eyewear player in India and in the top 3 in Singapore. Lenskart envisions to have 50 percent of India wearing its specs over the next 5 years and become the #1 eyewear platform in Southeast Asia and the Middle East over the next 18 to 24 months through organic and inorganic expansion. We’re thrilled to have Temasek and Falcon Edge as partners and catalysts in this journey of elevating Lenskart to the next growth level.”
Navroz Udwadia, Co-Founder and Partner, Falcon Edge Capital, stated, “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. This customer obsession results in Lenskart’s distinctive NPS (net promoter scores), best-in-class customer repeats/ retention, and store productivity. 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.”
Neeraj Shrimali, Executive Director, Avendus Capital, added, “Peyush and team are leading the charge in digital disruption of the global eyewear ecosystem. The team has demonstrated exceptional execution, backed by a unique omnichannel model, deep understanding of the supply chain, and ability to leverage technology at every touchpoint to provide unparalleled customer experience. The backing by some of the largest global growth and tech investors is a big validation of the huge global opportunity that lies in front of Lenskart given its enviable leadership position and scale.”
Lenskart was launched with a vision to revolutionize eyewear in India and now globally. Lenskart today is the largest service provider for eyewear in India, serving over 7 million customers annually through its omnichannel shopping experience, which spans online, mobile application, and 750+ omni-channel stores in 175 cities across the country. In 2019, Lenskart also expanded to Singapore, marking its foray into Southeast Asia, where it is now a key optical service provider.
In a strategic move reinforcing its commitment to Madhya Pradesh's economic landscape, Hindustan Coca-Cola Beverages (HCCB), a prominent FMCG player in India, has disclosed a Rs 350 crore investment in the state. This announcement, made during a meeting between the Chief Minister of Madhya Pradesh, Dr. Mohan Yadav, and a senior HCCB delegation, propels the company's cumulative investment in the state to over Rs 660 crore.
The capital injection will fuel the establishment of two cutting-edge manufacturing lines at HCCB's Rajgarh factory, dedicated to producing Affordable Small Sparkling Packs (ASSP) and Juice Tetra Packs. Beyond expanding manufacturing capabilities, this move is poised to make a substantial contribution to the state's economy. With a robust network of 149 distributors and 127,080 retailers, HCCB plays a pivotal role in Madhya Pradesh's retail sector, distributing approximately 10 million cases across 29 districts.
In reciprocation, the Madhya Pradesh Government has committed comprehensive support to expedite HCCB's procurement of necessary permissions, approvals, and clearances, aligning with the state's policies and regulations.
Himanshu Priyadarshi, Chief Public Affairs, Communications, and Sustainability Officer at HCCB, stated, “This investment is a significant step in our journey with Madhya Pradesh - a state that is poised for growth and development. We see this as an opportunity to deepen our commitment and align our growth with the state’s vision. This is more than an expansion of our business operations; it is about reinforcing our roots in a state that is key to our market strategy and a hub for innovation. We envisage this project as a catalyst not only for regional economic growth but also as a conduit for nurturing local talent, thereby contributing to the socio-economic progress of Madhya Pradesh.”
Having invested over Rs 311 crore in Madhya Pradesh since 2000, including recent expansions in 2022 and 2023, HCCB has consistently demonstrated its commitment to enhancing production capabilities and supporting the local economy. This latest financial commitment not only cements its industrial presence in the state but also aligns with HCCB's dedication to delivering innovative and high-quality products to consumers in Madhya Pradesh.
HCCB's engagement in Madhya Pradesh transcends business investments, extending to Corporate Social Responsibility (CSR) initiatives. These projects focus on water rejuvenation, skill development, and sustainable agriculture. Notably, the initiatives have impacted 1200 youths in sales and marketing training, 1500 women in digital and financial literacy, and over 100 farmers in adopting sustainable agricultural practices. Additionally, HCCB has facilitated the installation of water ATMs and Smartboards, contributing to community resources.
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