Lenskart in talks with SoftBank over funding deal that would take its valuation to over $1 billion
The eyewear business Lenskart is currently in talks with SoftBank to secure an investment from its Vision Fund that would increase its valuation to $1.3 billion (Rs 8,648.6 crore).
Lenskart could soon see its valuation jump from between $460 and $470 million to around $1.3 billion if its $350 million funding deal with SoftBank goes through, two sources told ET Bureau.
“Their talks have been on for a few months and a deal is likely soon,” said one of the anonymous sources. “SoftBank wanted to pump a bigger amount for Lenskart to aggressively expand outside of India but the company did not agree to it.”
Lenskart, which started as an online business and is now following an omni-channel approach, is currently working on expanding in Singapore after entering the market recently. The business plans to open between 50 and 60 Singapore stores in the coming three years and then plans to expand to the Philippines, Taiwan, and the Middle East.
The business is also expanding its contact lens offerings and has set aside around Rs 70 crore for the endeavour. The business will also continue to open brick-and-mortar stores in India and aims to add 150 stores in the country by March 2020. Lenskart then plans to open 2,000 stores in India over the next five years.
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