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India’s Maruti Eyewear gets Asia’s largest fundingsuperpower

Lenskart bags Asia's largest investment

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$200 Milion raised by Asia’s largest eye-wear retailer Lenskart from Singapore’s Temasek and Fidelity Management and Research Company.

Rocket rise:

Leaving behind leading eyewear brands like Titan and Lawrence and mayo, 15-year-old Lenskart is now Asia’s largest eyewear retailer with global investors like Temasek and Fidelity Management putting in big bucks behind the founder, Peyush Bansal. With this funding the company valuation stands at USD 5 million.
Temasek doubled down its investment marks on its investment in Lenskart.
Acording to the startup’s finanacial advisor Avendus Capital, Lenskart has touched the mark of close to $1 billion in the last 18 months which includes it in the world’s largest growth-stage financings.

Lenskart goes global and how:

The company primarily generated 95% of its revenue from eyewear product sales. Additionally, Lenskart successfully reduced its net loss by 38%, down to INR 63.7 crore from INR 102.3 crore in the previous fiscal year.
This fundraising comes at a challenging time for late-stage funding, as startups in this segment managed to raise only $314 million across 13 deals in April, reflecting a 50% decline.

The man who made Lenskart ‘Maruti’ of India:

Peeyush Bansal, Co-founder and chief people’s officer of Lenskart came to India literally with no business plan but kept exploring opportunities that would make significant impact and started working on student housing as a problem.
He did it for a few years but it wasn’t big enough. Then he read articles about how India is the blind capital of the world and 75% of people who need glasses don’t wear them while 50-60% of India today needs glasses.
Peeyush applied his expertise acquired in Microsoft and it has been a decade of never-look-back journey for Lenskart.
The humble founder feels it will take another couple of decades to complete the transition.
But, it definitely is one of those spaces where he can say he has found his own calling in terms of the impact he wanted to create on the lives of ordinary people.