Popular eyewear retailer, Lenskart is looking to raise $350 million from Japanese investment giant, SoftBank. This is nearly three times the amount of funds that Lenskart managed to raise since it was founded. According to reports, if the deal is successful, the startup will become a part of the Indian Unicorns Club. This transaction will be SoftBank’s second one on an e-commerce business segment with a sizeable offline presence. Additionally, this fund-raiser will turn Lenskart’s overall valuation to $1.3 billion, nearly 162% of its previous valuation.
According to the information obtained by ET, ‘SoftBank and Lenskart talks have been on for a few months and a deal is likely soon. SoftBank wanted to pump a bigger amount for Lenskart to aggressively expand outside of India but the company did not agree to it.’ Currently, Lenskart has a valuation of $460-470 million. The company recently entered the Singapore market and is also looking to open 150 stores by March 2020.
Source: Economic Times