The Eyewear retailer is like to see a valuation jump of 176%. Lenskart is rumoured to set a deal worth roughly 3x it has been able to get funds since its inception. The deal is being inked out with SoftBank Vision Funds. And if everything goes according to plan, Lenskart maybe the next unicorn company.
The Eyewear retailer, Lenskart, is now all set to become the next unicorn startup if everything goes well. The company is in talks with the biggest tech investor, SoftBank Vision Fund, with a deal worth bigger than themselves.
The company is rumoured to make a deal roughly three times what it has raised since its inception. This would raise its valuation by 176%.
The SoftBank deal is said to come at $350 million. Its previous valuation for the company stood at $460-470 million. Later on, Steadview Captial pumped the biz by $70-75 million. Hence, this deal is likely to push the company at $1.3 billion. Crossing the billion dollar mark, the company will be then entering the unicorn club.
Recently, India’s first gaming app entered the unicorn club. Dream11 was pumped by Steadview Capital to reach this remarkable milestone. To read more about how Dream11 had its dream come true, follow: Dream11 hits a home run, worth a billion after Steadview’s investment
Lenskart’s “vision” of the future
Lenskart recently entered the Singapore market. Thus, with this capital, it would aim at installing 50-60 stores on the island city. This would be before their bigger goal of expanding to the Philippines, Taiwan and the Middle-East.
The company’s tech investment stands at ₹200 crores annually, which it expects to double in the next financial year.
India’s eyewear market is set at $3-4 billion. With this deal, Lenskart can definitely be the front runner in the race. To be inducted in the unicorn club, it will boost its brand name, which in turn, will be a push to the business.